Last month, Toshiba scrapped a proposal to divide into three listed companies, deciding to separate into two instead. The original plan faced stiff opposition from large shareholders, including 3D. Instead, the company intends to spin off its devices business, which includes semiconductors, and list it, arguing a two-way split would be cheaper and smoother than the original plan. Toshiba will also sell a 55% stake in air-conditioning business Toshiba Carrier Corp. to its U.S. joint venture partner Carrier Global Corp. for about 100 billion yen ($861 million), the company said at the time.