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Sony is looking to aquire up to 30% of the struggling Olympus Company which is mired in scandal.Struggling to compete in the consumer electronics market Sony is interested in the Company’s medical imaging division and the transfer of digital camera technology, a Sony executive told ChannelNews recently.
According to the Wall Street Journal, Olympus is trying to raise roughly $1.3 billion, according to people familiar with the matter said.
Also looking to invest in Olympus – who is set to launch a new camera next month in Australia – is Fujifilm and medical-equipment provider Terumo.
Fujifilm CEO Shigetaka Komori said in December, that his company would consider investing in Olympus.
Olympus is trying to dig out from one of Japan’s biggest accounting scandals. The company in November disclosed that it had concealed $1.5 billion in investment losses over 13 years. A month later, Olympus restated five years of earnings to account for the hidden losses. That adjustment cut the company’s shareholder equity by three-fourths and reduced Olympus’s capital-adequacy ratio to 4.5% at the end of September from the 16.2% reported for a year earlier.
Olympus bankers last year began making overtures to companies that might invest in the company, the people said. Its accounting problems aside, Olympus’ 70% share in the growing market for endoscopes, which are used for internal medical exams, remains strong.
