Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate s shares surged on reports that KKR & Co.
Toshiba CEO Resigns Amid Row Over $20 Billion Buyout Bid, Shares Surge
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Toshiba Corp CEO Nobuaki Kurumatani resigned on Wednesday amid controversy over a $20 billion buyout bid from CVC Capital Partners and the conglomerate s shares surged on reports that more suitors were planning offers.
Toshiba Chairman Satoshi Tsunakawa will become chief executive, the company said in a statement.
The statement gave no reason for the resignation but Kurumatani has come under much fire over the bid from CVC, his former employer, and his testy relations with the company s large activist shareholder base.
The logo of Toshiba is pictured on its flash memory factory, seen during a media tour in Yokkaichi, western Japan 9 September 2014
A $12.5 billion deal shows Saudi oil still eclipses all else
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Last Updated: Apr 14, 2021, 03:19 PM IST
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Synopsis
Last week’s sale of the stake to EIG Global Energy Partners LLC shows how reliant Saudi Arabia is on its traditional mainstay and the challenges Crown Prince Mohammed bin Salman faces in diversifying the country away from oil and gas to achieve his Vision 2030 goal.
Reuters
In selling assets of its main state-owned energy explorer, Saudi Arabia is following a model successfully implemented by neighbouring Abu Dhabi.
Saudi Arabia is celebrating one of the biggest foreign-investment windfalls in its history after netting more than $12 billion by selling off a stake in the oil pipelines that traverse the desert kingdom.
KKR, Brookfield said to eye Toshiba bids after CVC offer bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.