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Report: Olympus Seeks Alliance With Sony

Posted on January 23, 2012
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A major Japanese business magazine has reported on its website that camera manufacturer Olympus is about to forge a business alliance deal with Sony.

According to Diamond Weekly, the big bosses of Olympus has been consulting with different electronics companies but decide to partner up with Sony, which owns a 0.03% share in the imaging company, in the end.

It has not been all rosy for Olympus lately. A former executive revealed that the company has concealed its immense losses for the past 20 years, making it one of the biggest corporate scandals that hit Japan. The company was also in danger of being delisted at the Tokyo Stock Exchange, but managed to get itself on a three-year probation of sorts that requires Olympus to improve its governance.

The publication adds that Olympus will be holding a news conference this week to formally announce the partnership. From there, the alliance will be planning a shareholders meeting in April.

Neither company comments to Diamond’s report as of this posting.

Source: Diamond Weekly, via TechCrunch

 
 

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