US hedge fund Farallon calls on Toshiba to get two-thirds of shareholders to back break-up

[January 18, 2022]   TOKYO (Reuters) - Farallon Capital Management on Tuesday urged Toshiba Corp to require the support of two-thirds of its shareholders before continuing with a controversial plan to split in three.

Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo September 14, 2015. REUTERS/Toru Hanai

"The separation plan without shareholder trust would achieve nothing but the creation of three discrete companies, with each inheriting the same issues as Toshiba," Farallon, the third-largest shareholder with a stake of more than 6% in Toshiba, said in a statement.

A vote will be held on the matter at a shareholder meeting in March.

(Reporting by Makiko Yamazaki; Editing by Kirsten Donovan)

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