According to the latest Reuters report, Toshiba Corp. has announced that plans for its US LNG business to be sold to China’s ENN have been scrapped.
ENN reportedly could not complete the takeover of the LNG business because of a lack of approval from shareholders and a US panel monitoring foreign investments.
Toshiba will resume its process to move on from the business and stated that it will not book the planned group loss of approximately US$831 million related to the deal in the last financial year (ended 31 March 2019).
The company is targeting March 2020 for the completion of the transfer.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/17042019/toshiba-will-resume-the-sale-process-of-its-us-lng-business/