Toshiba denies reports of Olympus tie-up
16 Jan 2012
Toshiba today denied that it was set to propose an equity tie-up with scandal-hit Olympus Corp.
A Toshiba spokesman told Reuters that there was no truth in the report.
According to media reports Toshiba Corp was planning to propose a capital tie-up with scandal-hit Olympus Corp.
The Nikkan Kogyo Shimbun reported today that Toshiba was expected to submit a proposed post-tie-up business plan to a securities firm that was looking for capital partners on behalf of the troubled maker of cameras and medical imaging equipment, according to the report.
The report, which cited no sources added that Toshiba was keen on an entry in medical equipment as a new key source of revenue in addition to its core offerings in semiconductors and nuclear power technology.
Other companies that have been linked up as potential suitors with the troubled camera maker are Panasonic Corp, Sony Corp and Fujifilm Holdings Corp. The company is desperately seeking capital to shore up its balance sheet, which has been deeply hit by a $1.5 billion loss-hiding scandal. (See: Olympus approaches five companies for equity tie-up)
See also: Probe panel indicts top Olympus executives in $1.7-bn accounting scam)