東芝公司計劃向海外投資者增發價值54億美元的新股，以湊足避免被退市摘牌所需的大部分資金。這項火線達成的交易既凸顯了東芝財務底氣不足，也說明了它的芯片部門仍然是有吸引力的。

作為東芝的旗下資產，美國核反應堆制造商西屋電氣的破產讓東芝背上了數十億美元的債務，因此東芝必須趕在本財年也就是明年3月之前填平財務的大洞，否則就要面臨退市摘牌的危險。而東芝作價180億美元出售其芯片部門的交易卻曠日持久卻波折不斷，這也意味著東芝拆掉的這座“東墻”還暫時補不了“西墻”。

此次增發決定是在上周日的董事會上決定的，增發額約占東芝股值的35%，增發對象含30余個海外投資者，包括三點對沖基金、綠洲管理公司和博龍資產管理公司等知名機構都將參與其中。

由于東芝在2015年的會計丑聞后被拿下了東京證交所的觀察名單，導致日本國內機構難以再對其進行投資，因此此次增發交易是由高盛公司操刀的。

在部分海外投資者看來，就算全球第二大NAND芯片生產商東芝記憶體出售給由貝恩資本領銜的財團的交易失敗了，此次認購東芝新股也仍然是一筆值得嘗試的投資。

如果東芝記憶體的出售交易最終解決了一系列法律問題并得以實施，那么東芝仍將擁有東芝記憶體40%的股權，因而也就可以對其進行再投資。

“3月份以后，東芝要么保留了40%東芝記憶體的股權，并且多了很多現金在手上；要么它還將繼續擁有一項非常不錯的業務。”一位參與了此次新股發售的投資者表示。不過這名投資者拒絕透露身份，因為他所在公司的投資細節尚未公開。

東芝計劃增發22.8億股新股，每股價格為262.8日元，發行價比上周五收盤價低10%。

此舉將導致東芝的每股收益被稀釋達54%之多。不過消息一出，東芝股價卻僅僅下跌了5%，收于275日元。這首先是由于公司退市的危險已經基本上解除了，其次也是由于外界已經預見到了東芝將進行資本融資。

由日本“股神”村上世彰的前同事們創辦的新加坡Effissimo資本管理公司將憑價11.34%的股權成為東芝最大的股東。Effissimo拒絕對其投資東芝一事進行詳細評論。

在此次交易中，東芝公司還要付給高盛、國內經紀商和律師等總額為260億日元（2320萬美元）的高額費用。

除了增發新股外，東芝還打算通過出售西屋電氣所有權獲得的稅收沖銷，來填補7500億日元（67億美元）的資本缺口。東芝公司還表示計劃出售與西屋電氣相關的其他資產。

今年9月，曾有消息人士對路透社表示，西屋電氣正在與一家名叫PJT Partners的投行接洽出售的事。

該消息人士當時還表示，黑石集團和阿波羅全球管理公司已經強強聯合，力爭買下西屋電氣。而博龍資本則正在與美國核電站零部件供應商BWX科技公司就聯合收購展開商談。

由于東芝記憶體的最終買家遲遲無法確定，因此在3月底前，東芝的這筆交易很有可能無法獲得反壟斷機構的放行。

東芝的芯片業務合資伙伴西部數據公司此次在拍賣中被踢到了一邊。該公司也公開表示，沒有它的許可，東芝的任何單邊交易都不作數。該公司甚至請求一個國際仲裁法庭強行叫停這筆交易。

東芝則要求西部數據公司撤訴，以此作為允許其投資東芝的一條新閃存生產線的條件。

據熟悉內情的消息人士稱，上周，這兩家公司在美國進行了談判，以就此事進行和解，但雙方仍未就細節達成協議。

法國里昂證券分析師克勞迪奧·阿里托米指出：“之前東芝可以說是被西部數據公司拿槍指著，因為東芝正面臨著摘牌的風險，所以西部數據公司才如此咄咄逼人。但現在東芝的摘牌風險減退了，所以談判的天平又開始傾向東芝這邊了。”（財富中文網）

譯者：賈政景

Toshiba Corp’s (TOSBF, -4.55%) planned $5.4 billion new share issue to overseas investors is set to provide it with most of the funds it needs to avoid a delisting—a quickly arranged deal that underscores both the weakness of its finances and the allure of its chips unit.

Burdened by billions of dollars in liabilities at its bankrupt U.S. nuclear reactor maker Westinghouse, Toshiba has been seeking to make up the difference by the end of the financial year in March or face a delisting. A long and contentious auction for its $18 billion chip unit has meant it cannot rely on those funds coming in on time.

The share issue, decided at a board meeting on Sunday, is equivalent to a 35% stake in the embattled Japanese conglomerate and will see more than 30 overseas investors, including Third Point LLC (TPRE, +0.91%), Oasis Management Company and Cerberus Capital Management, take part.

The deal, engineered by Goldman Sachs (GS, +0.02%), was structured for overseas investors as Toshiba has only recently come off a Tokyo Stock Exchange watchlist it had been on after a 2015 accounting scandal, making it difficult for domestic firms to invest.

For some of the overseas investors, it is an investment that will work out even if the agreed sale of Toshiba Memory, the world’s number two producer of NAND chips, to a consortium led by Bain Capital falls through.

And if the sale manages to survive legal challenges and goes ahead, Toshiba will still own 40% in the semiconductor unit as it plans to reinvest.

“Either after March you have a company with a 40% stake in Toshiba Memory and a lot of cash in hand, or you have a company that continues to own a great business,” said an investor who participated in the share sale, declining to be identified as details of his firm’s investment have not been made public.

Toshiba plans to sell 2.28 billion new shares at 262.8 yen per share, a 10% discount to Friday’s close.

The move will result in a massive 54% dilution in earnings per share. Toshiba‘s shares, however, ended down just 5% at 275 yen as the risk of a delisting has largely been removed and as the capital raising had been expected.

Singapore-based fund Effissimo Capital Management, established by former colleagues of Japan’s best-known activist investor, Yoshiaki Murakami, will become the largest shareholder in Toshiba with an 11.34% stake. Effissimo declined to comment specifically on its investment in Toshiba.

The new share deal will see Toshiba pay a hefty 26 billion yen ($232 million) in combined fees to Goldman, domestic brokers and to lawyers.

In addition to the new share issue, Toshiba is aiming to plug its 750 billion yen ($6.7 billion) equity shortfall with tax write-offs it plans to gain from the expected sale of claims it has against Westinghouse. It also said it is looking at selling its Westinghouse-related assets.

Sources told Reuters in September that Westinghouse is working with investment bank PJT Partners Inc on a sale process.

Private equity firms Blackstone Group LP and Apollo Global Management LLC have teamed up to bid for the business while Cerberus Capital Management LP was in talks with U.S. nuclear power plant component provider BWX Technologies Inc (BWXT, +0.33%) about submitting a joint bid, the sources said at the time.

Delays in deciding on the buyer for the chip unit have meant that Toshiba may not obtain the necessary anti-trust clearance by the end of March.

Toshiba‘s chip joint venture partner Western Digital, which was spurned in the auction, also argues no deal can proceed without its consent and has sought an injunction through an international arbitration court.

Toshiba is demanding that Western Digital drop the litigation as a condition for the U.S. firm to invest in a new flash-memory chip production line.

The two companies held talks in the United States last week to settle the issue but have yet to agree on details, sources familiar with the matter said.

“Toshiba has had a gun pointed at it by Western Digital and that has been working because Toshiba was facing the risk of being delisted, but now they aren’t. So the negotiation power changes in favor of Toshiba now,” said Claudio Aritomi, an analyst at CLSA.