updated 02:20 pm EST, Mon January 23, 2012
Olympus turns to Sony for help in alliance
Olympus and Sony are nearly ready to make a large-scale pact, Japanese business periodical Diamond Weekly reported. No specifics were known, but Olympus was believed to be hosting a news conference later this week that should have some details. The unofficial source also said the alliance would be voted on by a dedicated shareholder's meeting in April.
The move is seen as a lifesaver for Olympus, some of whose executives were tied to long-running financial scandal. As a result, it was nearly de-listed from the Tokyo Stock Exchange, but was forced to pay a fine instead. The scandal is the biggest in the history of Japanese business.
Olympus management has been consulting with various companies for some time to help it out of its troubles, the source continued. Sony owns 0.03 percent of Olympus stocks. [via TechCrunch]