Salem Radio Network News Tuesday, July 5, 2022

Business

US hedge fund Farallon calls on Toshiba to get two-thirds of shareholders to back break-up

TOKYO (Reuters) – Farallon Capital Management on Tuesday urged Toshiba Corp to require the support of two-thirds of its shareholders before continuing with a controversial plan to split in three.

“The separation plan without shareholder trust would achieve nothing but the creation of three discrete companies, with each inheriting the same issues as Toshiba,” Farallon, the third-largest shareholder with a stake of more than 6% in Toshiba, said in a statement.

A vote will be held on the matter at a shareholder meeting in March.

(Reporting by Makiko Yamazaki; Editing by Kirsten Donovan)

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