Reuters: Financial Services and Real Estate: UPDATE 1-U.S. fund sells most of its stake in Olympus-Nikkei

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UPDATE 1-U.S. fund sells most of its stake in Olympus-Nikkei Jun 1st 2012, 18:51 June 2 | Fri Jun 1, 2012 2:51pm EDT June 2 (Reuters) - U.S. investment fund Southeastern Asset Management Inc has sold almost all its shares in Japan's Olympus Corp, the Nikkei business daily said, quoting sources. Olympus, the world's leading maker of diagnostic endoscopes, is struggling to recover from a $1.7 billion fraud scandal. It was forced to correct years of accounts, leaving its balance sheet badly weakened. Southeastern, which had been vocal about the company's business affairs, held about 5 percent stake as of last August. By March 9, its stake fell to less than 4 percent, the paper reported. The U.S. fund likely sold off its remaining shares following an extraordinary shareholder meeting on April 20, the Nikkei said. Southeastern had criticized the new management team, saying it could not endorse executives with strong banking ties, the business daily said.

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