Sony picks up 11% Olympus stake for $640M | Wall Street Beat
Sony Corp. plans to acquire an 11% stake in beleaguered Olympus Corp. for $642 million.
Sony Corp. (TYO:6758 ) plans to become the largest shareholder in Olympus (TYO:7733 ) with a $642 million investment that will give it an 11% stake in Olympus.
Olympus, which has a corner on 70% of the endoscope market, was rocked by a $1.7 billion accounting scandal exposed by former CEO Michael Woodford last year.
In accepting the Sony offer, Olympus spurned a similar bid from rival Terumo Corp. (TYO:4543 ), likely because Olympus wants to retain as much independence as possible, Reuters reported.