|Toshiba's Chip Trick|
Sep 29, 2017 12:01 AM EDT
Toshiba Corp. finally sold its chip division.
Except, it didn't.
Hidden among the various confusing statements from the Japanese company and other parties to the deal is the fact that the seller managed to maintain effective control of Toshiba Memory Corp. while still extracting 2 trillion yen ($17.7 billion) to help plug that massive hole in its balance sheet.
While everyone was led to believe that Toshiba would be selling off most, if not all, of its prized semiconductor division, the final deal outlined Thursday has the struggling company getting to keep 40.2 percent.
continues at bloomberg.com
[It seems like everyone believes that they are outsmarting everyone else. I don't believe much good can relly come of it at the end of the day. Sanjay et al was smart to get out when they did.]