Toshiba will probably report a loss in the billions of dollars for 2016, CEO Satoshi Tsunakawa said this week. In response to that news, the company's shares fell by 20% on Wednesday. Toshiba must still calculate its exact loss, but it predicts the figure will be "up to several hundred billion yen."
This loss is connected to Westinghouse's acquisition of CB&I Stone & Webster, a US nuclear construction business, in late 2015. Westinghouse is a US-based subsidiary of Toshiba.
While that acquisition was going through, Toshiba was dealing with a $3.9 billion loss for 2015.
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