Share

Sony-Olympus deal gets go-ahead

Tokyo - A joint-venture deal between Sony and medical equipment maker Olympus has won regulatory approval, the firms said Wednesday, after it was held up by China's competition watchdog.

"Olympus and Sony today announced that the two parties recently received all necessary regulatory approvals and now expect to establish the medical business venture company on April 16, 2013," a statement said.

Sony and Olympus had initially planned the launch of a joint venture from April 1 as Sony, which is trying to repair a dented balance sheet, invests ¥50bn in Olympus as part of a drive to tap the lucrative medical equipment market.

Although it is better known by the public for its cameras, Olympus controls about 70% of the global market for medical endoscopes.

Olympus, which is recovering from a huge accounting scandal, said in a joint statement with Sony last week that the deal - first announced in September - was held up over approvals from an unspecified authority.

Both firms declined to elaborate but sources confirmed that the hold-up was linked to Chinese regulators.

The issue comes at a time when Tokyo and Beijing are embroiled in a tense territorial dispute over an island chain in the East China Sea, which sparked protests in China and a consumer boycott of Japanese goods.

Regulatory delays involving other Japanese firms have also been linked to delays from Chinese watchdogs as well, including Japanese advertising firm Dentsu's now-completed $4.8bn takeover of Britain's Aegis media group.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders