Japan's Toshiba now plans to split into two companies instead of three

FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo

Toshiba Corp said it now aims to break up into two companies instead of three and also unveiled a big boost to planned shareholder returns in an effort to appease angry investors.

Its revised plan is still expected, however, to face much pushback from foreign hedge funds, many of whom have been opposed to any kind of split and would prefer that the scandal-ridden Japanese conglomerate be taken private.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter