28 Sep '12, 10pm

Sony and Olympus to create new company Reeling camera firm Olympus has received a $645 million invest #ArcadeFunhouse

Sony and Olympus to create new company Reeling camera firm Olympus has received a $645 million invest #ArcadeFunhouse

Reeling camera firm Olympus has received a $645 million investment from Japanese technology giant, Sony. Tech companies Sony and Olympus have agreed to a partnership. In exchange for the investment, Sony will receive 34 million shares in Olympus and take an 11.5% stake in the company. Good timing for both companies Olympus has had a bit of a rough go recently, as they’ve been dealing with losses suffered from a rather large accounting scandal: Former Olympus chairman Tsuyoshi Kikukawa has pleaded guilty to charges of falsifying accounts, having covered up $1.7 billion in company losses. The scandal was revealed by Michael Woodford, the company’s British former chief executive, who was dismissed when he challenged Mr. Kikukawa and the board over some oddly large payments related to acquisitions. Sony, meanwhile, has reported losses for four straight years now. The two compa...

Full article: http://www2.electronicproducts.com/Sony_and_Olympus_to_cr...

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