Japanese conglomerate Toshiba said on Friday it had received expressions of interest from ten “potential partners” to date regarding its possible takeover.
The Japanese giant, whose results have improved in the 2021/22 financial year, is now seriously studying this option, after having opposed it for a long time.
These ten companies, whose names have not been disclosed, obtained detailed information about his accounts in exchange for confidentiality agreements, the group added in a press release. They have until May 30 to submit non-binding offers, Toshiba said.
The group plans to publish the number of these offers and a summary of their proposals before its next ordinary general meeting, the date of which has not yet been officially announced but which could take place as early as June. The American private equity fund Bain Capital has already shown interest and has the support of Toshiba’s largest shareholder, the Singaporean fund Effissimo, which owns around 10% of the capital.
Two other American funds, KKR and Blackstone, are considering a joint offer, and Japanese funds are also following the case closely, according to various media. A takeover of Toshiba by one or more private equity funds would be an operation on an unprecedented scale in Japan. And heavy with symbol too, as this group has long been a triumphant symbol of Japanese industrial and technological know-how.
Toshiba’s star faded severely from 2015 onwards, however, amid accounts makeup scandals followed by serious financial difficulties. Even if Toshiba is only worth 18 billion dollars on the Tokyo Stock Exchange, its takeover by foreign capital could prove delicate because of its activities in sensitive areas for Japan – from civil nuclear power to defense via quantum cryptography.
The group also published the results of its 2021/22 financial year, completed at the end of March, on Friday. Thanks to a marked improvement in the performance of most of its divisions, its annual net profit jumped by more than 70% to 194.6 billion yen (1.49 billion francs), for an operating profit of 158.9 billion. of yen (+52.2%).
Its annual turnover rebounded by 9.3% to 3.337 billion yen (24.9 billion euros). For 2022/23, Toshiba expects further growth in operating profit to 170 billion yen, despite continued shortages of semiconductors and soaring raw material costs. Its sales should however decline slightly, to 3,300 billion yen.
/ATS