UPDATE 2-Toshiba to pay ENN more than $800 million to exit U.S. LNG business [Reuters]
TOSHIBA CORP UNSP/ADR (TOSYY)
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Source: Reuters
Toshiba to pay ENN more than $800 million to exit U.S. LNG business | Reuters 4 Min Read TOKYO/SINGAPORE (Reuters) - Japan’s Toshiba Corp will exit its U.S. liquefied natural gas (LNG) business by paying China’s ENN Ecological Holdings Co more than $800 million to take over the unit as part of a plan to shed money-losing assets. The sale is the disappointing culmination of a venture that puzzled analysts when it was announced in 2013. Asian LNG prices have plunged 42 percent in the past five years and the potential for future losses spurred Toshiba’s exit. Under the deal, Toshiba will sell its Toshiba America LNG Corp unit to ENN Ecological, a unit of ENN Group, for $15 million, the Japanese company said in a statement on Thursday. However, once that sale is complete, Toshiba will then make a one-off payment of $821 million to ENN to pass on its roughly $7 billion commitment, starting in 2020, to purchase 2.2 million tonnes per year of LNG over 20 years from Freeport LNG in Texas. “Th
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