[DPR] Sony sells entire 5% stake in Olympus but continues its business alliance
Sony has sold the rest of the shares it held in Olympus after declaring the alliance between the two companies has achieved what it set out to do. The sale of the 68,975,800 shares, which have been bought back by Olympus, raised 80 billion yen ($75m) on a value of 1165 yen per share. The holding had represented 5.03 percent of the total common shares in Olympus.
Sony has made a tidy profit on the sale as the shares were purchased in 2012-13 as part of an 11.5 percent stake in Olympus that cost only 50 billion yen ($47m at today's rate). Part of that share-holding was sold in 2015 for 46.8 billion yen, making a total of nearly 127 billion yen ($120m) from a 50 billion yen purchase.
The original stake in Olympus was made directly after the company’s accounting scandal came to light and provided a much-needed injection of cash to keep the company secure at a time when its share price had dropped dramatically. The purchase was in the medical and camera businesses, and the two companies set-up Sony Olympus Medical Solutions together. Sony has said that despite the sale of the share the two companies will continue the business alliance and collaborative partnership.
For more information see the Sony website.
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