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Illustration: Sarah Grillo/Axios

Private equity firm CVC Capital Partners has offered to buy listed Japanese conglomerate Toshiba Corp. for around $20 billion.

Why it matters: This could be the largest leveraged buyout of an Asian company, topping Bain Capital's 2018 deal for a majority stake in Toshiba's flash memory unit (now known as Kioxia).

Market reax: Toshiba shares jumped more than 18% on the news, giving it a market cap of nearly $19 billion.

Timing is everything: Toshiba shareholders last month approved an independent investigation into allegations that it improperly pressured shareholders into voting with company management, and the CVC deal arguably could help take the pressure off CEO Nobuaki Kurumatani.

Bottom line: "Any approval by Toshiba's board will face regulatory review, because Toshiba, which makes products ranging from escalators to sewerage plants, is one of only a handful of companies able to build nuclear reactors and manufactures other sensitive equipment, including lithium-ion batteries for Japan's military submarines." — Makiko Yamazaki, Reuters

Go deeper

Tim Scott hopes to reintroduce version of GOP police reform bill

Photo: Stefani Reynolds/Bloomberg via Getty Images

Sen. Tim Scott (R-S.C.) told reporters Wednesday he plans to reintroduce his police reform bill or a similar proposal in the coming weeks, and that he has discussed a potential compromise with Rep. Karen Bass (D-Calif.) and Sen. Cory Booker (D-N.J.).

Why it matters: Eyes have again turned to Washington to take steps to address police reform in the wake of Derek Chauvin's guilty verdict Tuesday, after efforts stalled in Congress last year.

Biden announces small business tax credits for vaccine PTO

Photo: Doug Mills/The New York Times/Bloomberg via Getty Images

President Biden on Wednesday will call on all employers to provide employees paid time off to get vaccinated or to recover from any side effects, and he'll include a paid tax credit for small businesses to do so, administration officials said.

Why it matters: The administration sees places of work as highly influential in making shots more convenient for working adults who are in high-risk industries.

White House unveils plans for high-profile climate summit

Illustration: Aïda Amer/Axios

The Biden administration offered new details this morning about the big, virtual climate summit Thursday and Friday and signaled they expect new emissions reduction and climate finance commitments from multiple countries.

Driving the news: The administration said 40 heads of state would attend, including Russian President Vladimir Putin and President Jair Bolsonaro of Brazil.