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Nov 28, 2011

Exclusive – New link between Japan’s Olympus and veteran banker

TOKYO/HONG KONG (Reuters)- Documents unearthed by Reuters show a new link between Japan’s Olympus Corp and a veteran banker at the centre of an accounting scandal engulfing the firm, as attention focuses on the role he played in the company’s deal-making.

The Japanese banker, Akio Nakagawa, is already known to have worked for an obscure, boutique U.S. financial firm that won a massive $687 million (441 million pound) advisory fee from Olympus (7733.T: Quote, Profile, Research) relating to its purchase of British medical equipment firm Gyrus in 2008.

Nov 28, 2011

Exclusive: New link emerges between Olympus and veteran banker

TOKYO/HONG KONG (Reuters)- Documents unearthed by Reuters show a new link between Japan’s Olympus Corp and a veteran banker at the center of an accounting scandal engulfing the firm, as attention focuses on the role he played in the company’s deal-making.

The Japanese banker, Akio Nakagawa, is already known to have worked for an obscure, boutique U.S. financial firm that won a massive $687 million advisory fee from Olympus (7733.T: Quote, Profile, Research, Stock Buzz) relating to its purchase of British medical equipment firm Gyrus in 2008.

Nov 28, 2011

New link emerges between Japan’s Olympus and veteran banker

TOKYO/HONG KONG, Nov 28 (Reuters)- Documents unearthed by
Reuters show a new link between Japan’s Olympus Corp and a
veteran banker at the centre of an accounting scandal engulfing
the firm, as attention focuses on the role he played in the
company’s deal-making.

The Japanese banker, Akio Nakagawa, is already known to have
worked for an obscure, boutique U.S. financial firm that won a
massive $687 million advisory fee from Olympus (7733.T: Quote, Profile, Research) relating
to its purchase of British medical equipment firm Gyrus in 2008.

Nov 22, 2011

Tokyo to buy Osaka bourse, creating world’s No.3 exchange

TOKYO (Reuters) – The Tokyo Stock Exchange will takeover its smaller rival in Osaka in 2013 to create the world’s third-biggest bourse with listed stocks worth $3.6 trillion, aiming to build scale to cope with a weak home market and compete with a flurry of global tie-ups.

The Tokyo Stock Exchange’s $1.7 billion takeover of the Osaka Securities Exchange Co (8697.OS: Quote, Profile, Research, Stock Buzz) brings together two bourses that have operated separately for more than a century with the exception of a brief merger during World War Two.

Nov 22, 2011

Tokyo, Osaka bourses to merge to create world’s No.3 exchange

TOKYO (Reuters) – The Tokyo and Osaka stock exchanges agreed on Tuesday to merge in 2013 to create the world’s third-biggest bourse with listed stocks worth some $3.6 trillion (2.30 trillion pound), hoping to build scale to compete with a flurry of other global tie-ups.

The $4.1 billion union between Tokyo Stock Exchange (TSE) and Osaka Securities Exchange Co Ltd (OSE) (8697.OS: Quote, Profile, Research) caps months of talks and brings together complementary strengths.

Nov 22, 2011

Tokyo, Osaka to merge to create world’s No.3 exchange

TOKYO, Nov 22 (Reuters) – The Tokyo Stock Exchange
(TSE) and Osaka Securities Exchange Co Ltd (OSE) said
on Tuesday they would merge to cope with sluggish market
conditions in Japan and build scale amid a flurry of global
exchange consolidation.

The move will create the world’s third-largest bourse with a
market value of listed stocks totalling $3.6 trillion as of the
end of October. That trails only NYSE Euronext at $12
trillion and Nasdaq OMX Group Inc at nearly $4
trillion, according to the World Federation of Exchanges.

Nov 19, 2011

More deals in focus as Olympus scandal widens

TOKYO, Nov 19 (Reuters) – As attention in the Olympus
accounting scandal turns to whether funds used to cover
up losses were funnelled to criminal groups, scrutiny is set to
increase on deals not yet in the spotlight, including an
ill-fated $780 million investment in technology firm ITX.

Olympus and affiliated firms spent $4.1 billion on 57
acquisitions since 2000 in an aggressive push to diversify its
operations and grow outside Japan. The largest was its $2.2
billion buyout of British medical equipment firm Gyrus in 2008,
Thomson Reuters data shows.

Nov 10, 2011

Tokyo stock exchange warns Olympus could be delisted

TOKYO (Reuters) – Tokyo’s stock exchange has warned scandal-hit Olympus Corp it will be delisted after 62 years as a publicly traded company if it fails to report earnings by December 14, deepening concerns about the camera-maker’s future.

Olympus said it was unlikely to issue results by an earlier November 14 filing date, but it aimed to meet the later deadline, averting a delisting that its largest foreign shareholder, Southeastern Asset Management, said would have “vast negative ramifications” for foreign investment in Japan.

Nov 10, 2011

Olympus likely to miss reporting deadline

TOKYO (Reuters) – Japan’s scandal-hit Olympus Corp is likely to miss a Monday deadline for reporting first-half earnings, sources said, a failure that would bring the 92-year-old company a step closer to being delisted from the Tokyo Stock Exchange.

A decades-long cover-up by Olympus of securities losses is being investigated by authorities in Japan, Britain and the United States. Tokyo police will also look into the scandal, the Yomiuri newspaper reported on Thursday.

Nov 10, 2011

Olympus likely to miss reporting deadline; delisting seen

TOKYO (Reuters) – Japan’s scandal-hit Olympus Corp is likely to miss a Monday deadline for reporting its first-half earnings, sources with knowledge of the matter said, a failure that would bring the 92-year-old firm a step closer to delisting.

Tokyo police are investigating the company’s concealment of substantial investment losses going back two decades for possible violation of financial laws, the Yomiuri newspaper said on Thursday. It said police had asked Olympus for internal accounting documents and would question Olympus executives.