Last week, the Toshiba board announced that Chief Executive Officer Nobuaki Kurumatani would be replaced by Chairman Satoshi Tsunakawa, an abrupt leadership reshuffle that cast doubt over buyout offers that could value the Japanese icon at around ¥2.3 trillion.
The decision came as factions within the conglomerate mounted resistance to a preliminary buyout offer from British hedge fund CVC Capital Partners — where Kurumatani previously worked as Asia chief. Sources soon began spreading the news that Toshiba was set to reject CVC’s approach as the conglomerate seeks to remain listed.
With the CVC offer off the table, a bidding war involving other investors may break out for Toshiba, experts say, with American and Canadian investment firms reportedly already planning to submit buyout proposals of their own.
Meanwhile, in good news for carmakers globally, chipmaker Renesas Electronics resumed production at its plant in Ibaraki Prefecture on Saturday, about a month after fire damaged the facility, sources say. However, it could be another two months at least until Renesas returns to pre-fire shipment levels.
Late last month, the industry minister said Japan was forced to turn to Taiwanese manufacturers to produce chips to help make up the shortfall due to the fire at Renesas, the world’s leading supplier of microcontrollers for cars.
Moving beyond tech, Sony has renamed itself Sony Group, a symbolic change for a conglomerate that now runs the gamut from financial services to film. In an example of its reach, earlier this month Sony sold Netflix the rights to its new movies after they leave cinemas, giving the streaming service access to franchises such as “Spider-Man” and “Jumanji.”