Japanese consortium explores other options for restructuring Toshiba - Kyodo

Japanese consortium explores other options for restructuring Toshiba – Kyodo

Toshiba Corp logo. on the roof of a company building in Kawasaki, Japan on June 24, 2022. REUTERS/Issei Kato

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TOKYO, Sep 21 (Reuters) – A Japanese consortium has been selected in the first round of bidding to restructure Toshiba Corp. (6502.T) decided to explore other options, Kyodo News reported on Wednesday.

According to Kyodo, Japan Investment Corp (JIC) is considering a second offer for Toshiba, severing its relationship with Japan Industrial Partners (JIP).

The Toshiba conglomerate is considering a number of restructuring plans, including privatization.

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Kyodo said private equity firm JIP and state-backed fund JIC disagreed with the proposal, prompting JIC to consider a new partnership with overseas funds that also passed Toshiba’s first round of trading, including US-based Bain Capital or UK-based CVC Capital Partners.

Meanwhile, JIP approached more than 10 Japanese companies, including Chubu Electric. (9502.T)Orix Corp. (8591.T) and the Central Japan Railway Company (JR Central) (9022.T) participate in its consortium, the Nikkei newspaper reported Sunday. read more

JIP also contacted Nippon Life Insurance Co to join a consortium on Toshiba’s restructuring plan, Kyodo said on Wednesday.

A spokesman for Nippon Life Insurance Co said JIP approached him but said “nothing has been decided” about joining JIP’s proposal to restructure Toshiba.

JIC could not be contacted for comment.

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Reporting by Kantaro Komiya, Ritsuko Shimizu and Takaya Yamaguchi, editing by Louise Havens and Jane Merriman

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