Sponsored by

Toshiba shares fall after sale of U.S. LNG business cancelled

 Toshiba shares fall after sale of U.S. LNG business cancelled

TOKYO (Reuters) - Toshiba Corp shares fell on Friday after the collapse of an agreement to offload its U.S. liquefied natural gas (LNG) business, a new blow for the Japanese conglomerate which has been shedding assets to turn around its business.

Toshiba said late on Thursday that China's ENN Ecological Holdings Co had scrapped an agreement to take over the LNG business due to a failure to get approvals from shareholders and a U.S. panel that monitors foreign investments.

Toshiba shares fell as much as 5.4 percent to 3,485 yen and were trading at 3,685 yen by around 0030 GMT.

Toshiba must now look for a new buyer for the business that it previously said could potentially cause losses of as much as 1 trillion yen ($9 billion).

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.

(Reporting by Aaron Sheldrick; Editing by Stephen Coates)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Your guide to the latest election news, analysis, commentary, live updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections. Follow us on Twitter and Instagram or like our Facebook page for updates from all 543 constituencies for the upcoming general elections.

Updated Date: Apr 12, 2019 07:05:20 IST

Also See