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On August 31st, the China Securities Association reported that in the first half of 2025, all listed companies achieved operating revenue of 35.01 trillion yuan, a year-on-year increase of 0.16%. Second-quarter revenue reached 18.11 trillion yuan, a year-on-year increase of 0.43% and a quarter-on-quarter increase of 7.15%. Net profit in the first half of the year reached 3.00 trillion yuan, a year-on-year increase of 2.54%, an increase of 4.76 percentage points over the previous years full-year growth rate. Nearly 60% of companies in the market saw positive revenue growth, and over three-quarters were profitable. 2,475 companies saw positive net profit growth, and 1,943 companies saw both revenue and net profit growth.Joerg Kraemer, economist at Commerzbank: The recent strengthening of the euro, especially against the US dollar, is likely to continue in the coming months, which will reduce the price competitiveness of European products on the world market.Conflict Details: 1. Russian Ministry of Defense: Russian forces occupied Komishuvakha in eastern Ukraine. 2. The Ukrainian military said it attacked oil refineries in Krasnodar and Syzran at night. 3. The Ukrainian Air Force said Russia launched 537 drones and 45 missiles during the nighttime attacks. 4. Russian Ministry of Defense: Russia attacked Ukrainian businesses, rocket and aviation facilities, and military airfields at night. 5. The regional governor stated that Russias attack on Zaporizhia, Ukraine, resulted in one death and at least 24 injuries. 6. Russian Chief of the General Staff Gerasimov: Russian forces are continuing their offensive along all fronts, and the task of establishing a buffer zone along the border between the Ukrainian Sumy and Kharkiv regions is progressing smoothly. 7. Russia and Ukraine are engaged in fierce battles over the key cities of Krasnodar (also known as Pokrovsk in Ukraine) and Konstantinovka in the Donetsk region. Other Developments: 1. Hungarian Foreign Minister: The European Commission has become a "Ukrainian Commission," representing the interests of Ukraine, not those of an EU member state. 2. EU High Representative for Foreign Affairs and Security Policy Kallas stated that the return of frozen Russian assets to Russia is unthinkable unless Russia pays war reparations for Ukraine. 3. Ukrainian President Zelensky stated that Moscow exploited the lead-up to the summit to launch the attack and called for energy and banking sanctions. 4. Russian Chief of the General Staff Gerasimov stated that Russia controls 99.7% of Ukraines Luhansk region, 79% of the Donetsk region, 74% of the Zaporizhia region, and 76% of the Kherson region. 5. EU High Representative for Foreign Affairs and Security Policy Kallas stated that EU countries have been asked to submit proposals for new sanctions against Russia next week.On August 31, officials of the Yemeni Houthi armed forces issued a statement saying that the group is ready to confront Israel after Israel launched an airstrike in Sanaa on Thursday, killing a senior official.On August 30th, local time, Hungarian Foreign Minister Peter Szijjarto stated after the EU Foreign Ministers meeting in Copenhagen that the EU and most of its member states are not interested in achieving peace and will continue to provide funding and arm Ukraine. The European Commission is acting as a "Ukrainian Commission," representing Ukraines interests rather than those of EU member states.

Bidders assess bids valuing Toshiba at $22 billion or more - sources

Charlie Brooks

Jun 23, 2022 11:27


According to three sources cited by Reuters, bidders for Toshiba (OTC:TOSYY) Corp are considering offering up to 7,000 yen ($51.41) a share to take the struggling Japanese conglomerate private, valuing the deal at over $22 billion.


Toshiba, which is assessing its strategic options, stated this month that it has received eight initial takeover proposals and two capital partnership proposals that would allow it to remain publicly listed.


According to the sources, the bidders are currently exploring an offer price range of up to 7,000 yen per share with Toshiba's shareholders. This is a 27 percent premium over Toshiba's closing share price of 5,501 yen per share on Wednesday.


According to a third source, there is a vast selection of offers with several stipulations attached.


On Thursday morning in Tokyo, Toshiba shares climbed by 5.3%, outpacing the Nikkei average gain of 0.8%.


The chips-to-nuclear-reactors conglomerate would be valued at a maximum of 3 trillion yen ($22 billion) if the bid price is completed.


Toshiba notified Reuters that it would not disclose the specifics of its strategy.


KKR & Co (NYSE:KKR) Inc, Baring Private Equity Asia, Blackstone (NYSE:BX) Inc, Bain Capital, Brookfield Asset Management, MBK Partners, Apollo Global Management (NYSE:APO), and CVC Capital have reportedly submitted first bids.


They said that some of the bidders may form consortiums.


Bain, Blackstone, Brookfield, Baring, CVC, KKR, and MBK all refused to comment. Apollo did not immediately respond to a request for comment.


According to individuals who declined to be identified because they were not authorized to speak to the media, domestic funds, most notably Japan Investment Corp (JIC), and a number of significant stakeholders are examining their participation in the transaction.


JIC declined to comment.

WEAK YEN

If completed, the sale of Toshiba would be the largest in Japan since a consortium led by Bain sold Kioxia for $18 billion in 2018.


The conversations are taking place at a time when a weak yen continues to afflict the Japanese economy, endangering the business plans of Japanese firms and making them attractive takeover targets for foreign bidders.


On Wednesday morning, the yen reached a new 24-year low against the dollar, falling to 136.71.


According to two sources, of all the potential bidders, Bain has been the most "aggressive" in pursuing a purchase.


Even at 6,500 yen per share, a Japanese investment banker with knowledge of the transaction remarked that Toshiba's valuation was "very expensive."


Ultimately, he noted, the price must reflect how investors see Toshiba's 40 percent stake in unlisted chip producer Kioxia.


According to him, this gave Bain an advantage over other bidders because the private equity company possessed a majority stake in Kioxia, meaning it would influence the fate of the chipmaker, impacting Toshiba's value.


In April, after shareholders rejected a restructuring proposal backed by management, Toshiba, which has been beset by accounting and governance problems since 2015, appointed a special committee to find answers.


The company previously announced it will shortlist bidders for due diligence following its annual shareholders' meeting on June 28.