Dec 28, 2016

Toshiba shares fall 20% on deal warning

The slump was large enough for trading in stocks of the Japanese industrial giant to be automatically halted. Shares had already fallen 12% on Tuesday, after reports of the likely write-down began circulating. Toshiba said the possible heavy one-off loss was linked to a deal done by a US subsidiary, Westinghouse Electric. There is now a dispute over the costs of the deal and the value of the assets it took on. Toshiba has been trying to slim down the business, including selling its medical devices operations to Canon.

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