Japan's Toshiba set to end 74-year stock market history

Toshiba, one of Japan's biggest and oldest firms, is set to end its 74-year stock market history as a group of investors have bought a majority stake.

The company has announced that a consortium led by private equity firm Japan Industrial Partners (JIP) has purchased 78.65% of its shares.

Owning a stake of more than two-thirds allows the group to complete a $14bn deal to take the company private.

The firm's roots date back to 1875, as a maker of clocks and mechanical dolls.

Under the deal its shares could be taken off the stock market as early as the end of this year.

Toshiba's shares started trading in May 1949 when the Tokyo Stock Exchange reopened as Japan emerged from the ravages of World War Two (WW2).

Its divisions range from home electronics to nuclear power stations, and for decades after WW2 was a symbol of the country's economic recovery and its high technology industry.

However Toshiba has faced a number of major setbacks in recent years.

In 2015, it admitted to overstating its profits by more than a $1bn over six years and paid a 7.37bn yen ($47m; £38m) fine, which was the biggest in the country's history at the time.

To avoid bankruptcy it sold its memory chip business in 2018, which is was seen as a crown-jewel in the company's portfolio.

Toshiba then announced plans to break up the company into three separate businesses. Within months the plan was revised, with its board saying it would instead split the company into two units.

Before the new breakup plan was carried out the company's board said it was considering JIP's offer to take the company private.