Sony to invest $642 million in Olympus
September 26 , 2012
Sony is set to approve a plan this week to invest $642 million in ailing camera and medical equipment maker Olympus.
The move would make Sony its biggest shareholder with a stake of around 10 percent.
Sony will set up a joint business with Olympus to develop new medical equipment, and will send an executive to join its board of directors next year.
According to industry analysts, Olympus may prefer a capital injection from Sony rather than offers from rivals such as Terumo and Fujifilm in a bid to retain its independence.
The company is struggling to recover from a $1.7 billion accounting fraud scandal uncovered last year by its then CEO, Michael Woodford.
Olympus was forced to correct years of accounts, which in turned weakened its balance sheets.