Sony and Olympus JV plans hit delays

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PLANS by Japanese technology giants Sony and Olympus to set up a joint venture to develop medical equipment have again been delayed as they wait for approval from regulators.

The two companies confirmed the hold-up in a statement but did not provide a revised date for the operation to start.

Sony in September said it would pay $532 million (£350m) to become the biggest shareholder in Olympus and announced plans to establish the joint venture by the end of the year.

The tie-up aims to develop a variety of medical devices such as endoscopes used in keyhole surgery.

The investment deal gave a much needed boost to Olympus, which booked a huge loss last financial year after a decade-long accounting scandal was exposed in October 2011.