Olympus Plunges After Saying Takeover Fees Used to Hide Losses
November 07, 2011, 8:31 PM ESTBy Gearoid Reidy
Nov. 8 (Bloomberg) -- Olympus Corp. fell the most in at least 37 years in Tokyo trading after saying it used fees paid to advisers on the acquisition of Gyrus Group Plc and others to hide losses from investments made in the 1990s.
The Japanese maker of endoscopes and cameras slid by as much as its daily limit of 29 percent, the biggest intraday loss since at least 1974, trading at 734 yen as of 9:51 a.m. on the Tokyo Stock Exchange. The benchmark Nikkei 225 Stock Average slid 0.3 percent.
To contact the editor responsible for this story: Gearoid Reidy at greidy1@bloomberg.net
