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Report: Sony, Fuji, Terumo Look For Olympus Tie-Up

4/03/2012 01:01:42 PM Eastern
Tokyo - Embattled Olympussaid that it received capital alliance offers from Sony, Fujifilm Holdings and Terumo, according to a Bloomberg report Tuesday.

Company president-designate Hiroyuki Sasa reportedly said the company may decide as early as next month whether to form a tie-up. The company plans to release a business plan as early as May.

Sasa, who's been nominated to replace Shuichi Takayama, is looking to restore investor confidence following revelations of a $1.7 billion accounting fraud allegedly committed by former managers, who are now facing trial.

The company said in February it may seek an alliance to bolster capital eroded by restating securities reports.

Olympus's net assets fell to $536 million (43.8 billion yen) for the quarter ending Dec. 31, 2011, from 151 billion yen reported June 30, 2011.

The company's ratio of capital to total assets dropped to 4.4 percent, from 13.5 13.5 on June 30.

The company expects to make its digital camera business profitable this fiscal year after expecting a loss for the second straight year, Sasa told Bloomberg.

Olympus has proposed an 11-member board to replace Takayama and other executives at an extraordinary shareholders meeting on April 20. Sasa has been nominated as president, though analysts and others have called for a complete replacement of the board with outside managers.
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