TPG Capital, the private-equity firmrun by David Bonderman, is considering an investment in OlympusCorp. (7733), the Japanese camera maker that admitted to a $1.7 billioncover-up of losses, according to a person familiar with thematter.
TPG is weighing whether to join with a strategic partner toinvest as much as $1 billion in the Tokyo-based firm, accordingto the person, who asked not to be identified because theinformation is private. While Fort Worth, Texas-based TPG hasspoken to potential partners, it��s not clear whether they willpursue a deal, the person said.
Olympus, which is also the world��s largest endoscope maker,restated more than five years of earnings on Dec. 14 afteradmitting it inflated fees to advisers for the $2.1 billionacquisition of Gyrus Group Plc in 2008 and overpaying for threeJapanese companies. This month, the company sued 19 current andformer officials, including former Chairman Tsuyoshi Kikuwaka,over a $1.7 billion accounting fraud.
Olympus plunged 59 percent last year as news of the cover-up emerged, making the stock the the fifth-worst performer onthe Nikkei 225 Stock Average. The firm��s shares fell 2.7 percentto close at 1,236 yen ($16.06) on the Tokyo Stock Exchangetoday.
A committee formed by Ernst & Young ShinNihon LLC saidtoday that it hasn��t found any problems so far with an auditor��sexamination of accounts at the company. The findings aren��tfinal and the review is continuing, the company said at a pressconference in Tokyo.
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Owen Blicksilver, a spokesman for TPG, said he couldn��tcomment on the company��s plans, which were reported earlier byReuters.
The firm is also looking at the possibility of investing inAMR Corp., the bankrupt parent of American Airlines, peoplefamiliar with the company said Jan. 12. Bonderman, 69, who co-founded TPG in 1992, is also chairman of Ryanair Holdings Plc,the Dublin-based low-fare air carrier. He earlier held the samepost at Continental Airlines Inc., which TPG! bought out ofbankruptcy in 1993.
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