Toshiba (TYO:6502) managed to book the $5.95 billion sale of its medical business to Canon (NYSE:CAJ) before the deal actually closed, by setting up a holding company with just $300 in assets to skirt Japanese anti-trust regulations.
In March, Toshiba granted Canon exclusive negotiating rights to buy Toshiba Medical Systems after a hotly contested auction. Toshiba badly needed the ¥665.5 billion sale to shore up its business in the face of mounting restructuring costs after a $1.3 billion accounting scandal.
