Sony Halves Stake in Olympus to Raise Funds for Growth
“We decided on this move to strengthen our financial base and to secure funds for investing in growth,” a Sony spokesman said.
It is no longer the top shareholder, the companies said.
Sony bought shares in Olympus in a partnership announced in 2012, providing it with cash to fix its depleted finances after an accounting scandal forced it to restate several years of earnings.
Sony itself has struggled in the past few years amid a slump in the company’s electronics sales, although the shares have recently been recovering as restructuring efforts started paying off.
Sony said it will maintain its partnership with Olympus despite the lower stake.