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Toshiba now plans to split into two

Toshiba now aims to break into two companies rather than three.The Japanese firm said Monday (February 7) it would split off its device business, including its power chip unit.The company called the new restructuring plan simpler, and said it would save costs.It argued it would also make alliances with strategic partners easier to pursue.The revised plan is due to be put to shareholders in March, with an approval threshold of 50%.It had previously aimed to break up into three companies, but that faced pushback from shareholders.Some foreign hedge funds are against any kind of split.Many would prefer the company was taken private instead.Some also suspect the new plan is designed to allow Toshiba to avoid a shareholder vote that would have needed two-thirds approval, rather than 50%.Toshiba did unveil a big boost to planned shareholder returns – in a move that might win over some angry investors.It plans to raise shareholder returns to $2.6 billion over the next two years.That is three times its previous target. Toshiba also said Monday it plans to begin the sale process for its elevator and lighting businesses.