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Sony completes Olympus stake sale

Sony Corp. on Aug. 30 said it has completed the sale of its entire 5.03% stake in Olympus Corp. back to the medical equipment maker.

The consumer-electronics maker tendered 68,975,800 shares at ¥1,165 per share, for a total consideration of approximately ¥80 billion.

Sony said the transaction will not have any material impact its fiscal full-year results.

Activist investor Third Point LLC, which has a 0.12% shareholding in Sony, had previously urged the company to divest its stake in Olympus as well as M3 Inc. and Spotify Technology SA in a bid to create a "stronger" business.

As of Aug. 30, US$1 was equivalent to ¥106.22.