Midea buys Toshiba’s white goods busi­ness

China Daily (Canada) - - BUSINESS -

Toshiba Corp said onWed­nes­day it had agreed to sell an 80.1 per­cent stake in its home ap­pli­ance unit to China’sMidea Group Co for 53.7 bil­lion yuan ($473 mil­lion) as the in­dus­trial con­glom­er­ate pro­ceeds with re­struc­tur­ing fol­low­ing an ac­count­ing scandal. Un­der the agree­ment, Toshiba will keep the re­main­ing 19.9 per­cent stake in the Toshiba Life­style Prod­ucts & Ser­vices Corp unit, andMidea will be li­censed to use the Toshiba brand world­wide for 40 years. projects, as the coun­try’s big­gest coal firm tries to di­ver­sify into cleaner forms of en­ergy, Shen­hua Pres­i­dent Zhang Yuzhuo said on Wed­nes­day. The nu­clear com­pa­nies Shen­hua is in talks with in­clude China Na­tional Nu­clear Corp and China General Nu­clear Power Corp, ac­cord­ing to Zhang. Hold­ings Ltd and other in­vestors, giv­ing it a val­u­a­tion of about $1 bil­lion, ac­cord­ing to sources. The on­line shop­ping site, co-founded in 2013 by Charl­winMao, which con­nects overseas mer­chants with lo­cal buy­ers, at­tracted in­vest­ment fromGe­n­e­sis Cap­i­tal and Tiantu Cap­i­tal in its lat­est round. has agreed to in­vest at least $500 mil­lion in the Los An­ge­les stu­dio of for­merWalt Dis­ney boss Dick Cook to make movies to be dis­trib­uted world­wide. The deal is the lat­est tie-up be­tween Hol­ly­wood and Chi­nese com­pa­nies, as China of­fers overseas pro­duc­ers more in­vest­ment op­por­tu­ni­ties and both look to in­crease their pres­ence in each other’s film in­dus­tries. Film Car­ni­val will finance 100 per­cent of the movies de­vel­oped, pro­duced, dis­trib­uted and mar­keted by Dick Cook Stu­dios.

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