Sony-Olympus deal gets go-ahead
A joint-venture deal between Sony and medical equipment maker Olympus
has won regulatory approval, the firms said, after it was held up by
China's competition watchdog.
"Olympus and Sony today announced that the two parties recently
received all necessary regulatory approvals and now expect to establish
the medical business venture company on April 16, 2013," a statement
said.
Sony and Olympus had initially planned the launch of a joint venture
from April 1 as Sony, which is trying to repair a dented balance sheet,
invests 50 billion yen ($535 million) in Olympus as part of a drive to
tap the lucrative medical equipment market.
Although it is better known by the public for its cameras, Olympus
controls about 70 percent of the global market for medical endoscopes.
Olympus, which is recovering from a huge accounting scandal, said in
a joint statement with Sony last week that the deal -- first announced
in September -- was held up over approvals from an unspecified
authority.
Both firms declined to elaborate but sources confirmed to AFP that
the hold-up was linked to Chinese regulators.
AFP
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