Toshiba in talks to sell its white goods business to Midea Group: Nikkei

Mon Mar 14, 2016 10:13pm EDT
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(Reuters) - Japanese industrial conglomerate Toshiba Corp (6502.T: Quote) said it is in late-stage talks to sell its white goods business to Chinese household appliance giant Midea Group Co Ltd (000333.SZ: Quote), 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 (7751.T: Quote) 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)

The logo of Toshiba Corp is seen at its headquarters in Tokyo, Japan, November 6, 2015. REUTERS/Yuya Shino