Toshiba Sells Its $947 Million Stake in Elevator Maker Kone
This article is for subscribers only.
Toshiba Corp. sold its stake in Finnish elevator and escalator maker Kone Oyj for 865 million euros ($947 million) as the Japanese group moves to bolster its balance sheet amid a probe into accounting irregularities.
Toshiba sold its entire 4.6 percent stake in Kone, the Tokyo-based company said in a statement on Wednesday. The company expects a gain on the sale of about 113 billion yen ($913 million) with the shares sold for 35.75 euros apiece, or about 6 percent below Tuesday’s closing price of 38.05 euros.