Unique: Toshiba to appoint Elliott, Farallon executives to its board

The emblem of Toshiba Corp. is noticed on the corporate’s facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon

TOKYO, Might 23 (Reuters) – Toshiba Corp (6502.T) plans to suggest giving two of its main hedge fund shareholders seats on its board, other folks accustomed to the topic stated, a transfer that would give overseas buyers extra affect over the afflicted Jap conglomerate.

Toshiba plans to appoint the executives from Elliott Control and Farallon Capital Control for board seats forward of its annual shareholders assembly in June, stated the folks, who declined to be recognized since the topic has now not been made public.

3 of the folks stated Toshiba will suggest Elliott, and two of them stated it might additionally suggest Farallon.

The transfer may just mark a flip in a protracted struggle between Toshiba’s control and its activist shareholders.

A Toshiba spokesperson stated the corporate hasn’t finalised its board director nominees, including that it’s going to promptly make disclosures once determined. learn extra

Farallon, Toshiba’s third-largest shareholder with a stake of greater than 6%, and Elliott, which resources say owns slightly below 5% of Toshiba, did not in an instant reply to requests for remark.

Reporting by means of Makiko Yamazaki; Modifying by means of David Dolan

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