Shareholders voted against Toshiba’s plan to split the company in two. After the split, Toshiba said it would still have a company focused on energy, transportation and batteries, and a company focused on services, semiconductors and storage.
Toshiba Say Accept the result and that they will reconsider their “strategic options”. After that, it will be decided what the company will do. During the meeting at which the Toshiba plan was voted on, According to the Financial Times Also discuss a plan that will force a company or investors to take over the company. This proposal came from the second largest shareholder and was also voted on early February to split in two, to Toshiba Infrastructure Service Co., Ltd. and hardware company.
An under-served company will drop power systems, infrastructure, transportation, accumulators and batteries. Toshiba’s majority stake in memory chip maker Kioxia will be sold to satisfy Toshiba shareholders.
Under the hardware company will include semiconductor products, semiconductor manufacturing equipment and data center hard drives. Under Toshiba’s plan, this company will be separated from Service Co in fiscal year 2023. All other companies and subsidiaries will be liquidated as part of the separation process. This includes the HVAC branch, the branch that manufactures elevators in buildings, and the lighting business unit.
It is not clear if Toshiba will now abandon its plan to split it or change it. Investors tell the Financial Times that Toshiba’s CEO has previously said he sees something in the full takeover of the company by a single company or investor. Things have gotten worse at Toshiba for years, in part due to mismanagement, scandals, and a failed move to nuclear power.
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