Toshiba shares slump after sale of U.S. LNG business canceled

TOKYO - Toshiba Corp shares fell more than 5 percent on Friday after an agreement to offload its U.S. liquefied natural gas business collapsed, a blow for the Japanese conglomerate which has been shedding assets to turn around its business.

Toshiba shares fell as much as 5.4 percent to 3,485 yen and ended morning trade at 3,555 yen. The broader market was up by about 0.6 percent. A failure to find a buyer could derail Toshiba’s recovery from the fallout of the bankruptcy of its U.S. nuclear power unit Westinghouse, analysts have said. Toshiba stunned the market in 2013, when it decided to enter the LNG business. With no experience in shipping or the logistics of the gas and LNG business it seemed an odd fit, analysts said at the time.

A possible economic Black swan event for Japan.

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