BUZZ-Toshiba’s Frankfurt shares drop on plans to split business

(Adds London-listed CDIs)

** Toshiba’s Frankfurt shares down around 4% after co announces plans to break itself into three independent firms

** Japanese co, whose plans comes hot on the heels of a similar move by U.S. giant General Electric, says it will spin off its energy and infrastructure business and its device and storage unit

** Toshiba’s London-listed Crest Depositary Interests unchanged; CDIs are UK financial securities that represent stocks traded on exchanges outside the UK

** The industrial conglomerate’s decision is the outcome of a review following a damaging corporate governance scandal

** 146-year old Toshiba has been under pressure from some overseas investors since the fallout

** This year Effissimo Capital, Farallon Capital Management and other shareholders successfully ousted Toshiba’s chairman

** Activist investors Elliott Management, Third Point and Farallon all hold independent stakes in Toshiba (Reporting by Muvija M in Bengaluru)

Follow and connect with us on , Facebook, Linkedin, Youtube

Go to Source