Toshiba: Troubled electronics and energy giant to leave stock market after more than 70 years

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The company, once a symbol of Japan's technological prowess, has faced problems in recent years and saw a sale as its last chance for a turnaround.

Troubled electronics and energy giant Toshiba is set to become a private company after more than 70 years on the stock market.

The company, one of Japan's oldest and biggest firms, is now majority-owned by a Japanese consortium after a 2trn yen tender offer was accepted. The offer was announced last month when the number of shares purchased exceeded the minimum needed at 78.65%.The move still needs shareholder approval, and a meeting has been set for November, according to Toshiba.

The company will then delist from the Tokyo Stock Exchange within about a month - ending its more than seven-decade history as a listed company. "Toshiba Group will now take a major step toward a new future with a new shareholder," said its chief executive, Taro Shimada.

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