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Private equity firm picks up 5% stake in Olympus

Private equity firm ValueAct Capital Management LP has picked up a 5% stake in Japanese medical device maker Olympus Corp., The Wall Street Journal reported.

The San Francisco-based activist investor believes the company has room to make more profit and improve its market value which was down 11% year to date, according to the report.

Earlier this year, Harris Associates LP, another U.S.-based private equity firm, revealed it had built up a 5.2% stake in the company, which is also popular among consumers for its cameras.

An Olympus representative told the Journal that the company is in communication with investors, including ValueAct, to maximize its corporate value but declined to give any specifics.