Toshiba Corp, in a
hurry to raise cash before closing its books for the business
year that ended at the end of last month, was able to structure
the sale of its medical equipment business to Canon Inc
in an unorthodox way so that it could book the 665.5 billion yen
($5.95 billion) proceeds before the deal had been approved by
regulators.
It meant that the storied Japanese conglomerate, which has
been struggling following an accounting scandal, can get a fast
and badly needed infusion of capital at a time when it is
concerned about risks of insolvency and is looking for money to
restructure.
But to rival bidder Fujifilm Holdings Corp, the
maneuver, if accepted by the authorities, “would make a mockery
of the law.” In a…
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