Toshiba in Talks to Sell Its White Goods Business to Midea Group

By Reuters
March 15,2016
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The logo of Toshiba Corp is seen at the company's headquarters in Tokyo January 10, 2009. REUTERS/Stringer/Files

REUTERS - Japanese industrial conglomerate Toshiba Corp said it is in late-stage talks to sell its white goods business to Chinese household appliance giant Midea Group Co Ltd, Nikkei reported on Monday.

The deal is expected to fetch tens of billions of yen, the Japanese business daily reported.

Toshiba said in a statement the company was negotiating with other companies about restructuring its white goods business, but nothing had been decided.

Toshiba granted Canon Inc exclusive negotiating rights for its medical equipment unit, earlier this month, after a hotly contested auction, with a report putting Canon's offer at more than $6 billion.

(Reporting by Nikhil Subba in Bengaluru and Chang-Ran Kim in Tokyo; Editing by Shounak Dasgupta and Anand Basu)