Shareholders of both Olympus and Sony have applauded the latter group’s decision to sell its 5% Olympus stake for ¥80.4bn ($757m). Sony’s move follows campaigning by the activist investor Daniel Loeb’s hedge fund, Third Point, to get Sony to divest a number of assets, though the Japanese conglomerate insisted that the sale had not come in response to the activism. From Olympus’s point of view the deal falls in with its own plans; on Friday the company completed a separate buyback of ¥93bn-worth of its shares. Olympus’s stock price jumped 6% as a result, whereas Sony’s popped by 2%. The two groups’ joint venture, Sony Olympus Medical Solutions, will continue as before, having been formed in 2012 to develop high-definition surgical endoscopes and microscopes, at which point Sony bought an 11.5% stake in Olympus for $640m.
|Annual sales ($m)|
|Total medtech revenues||6,066||6,455||6,827||7,182||7,533||7,885||5%|