Woodford loses his battle. Fuji, Sony or Panasonic ready to join Olympus.

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Big japanese Olympus shareholders refused to sustain Woodford in his battle to be reinstated as CEO of the company. Reuters reports that: “The company’s main lender and major shareholder Sumitomo Mitsui Financial Group (SMFG) is backing existing management led by CEO Shuichi Takayama, which is seeking a capital tie up with a rival company to bolster its finances.

And “Local media has reported that Sony, Fujifilm Holdings and Panasonic Corp are among the candidates that may ride to the rescue of Olympus.

In short: Japanese shareholders hold together against the foreign influence on Olympus. This will lead Olympus to make an agreement with another japanese company to realign their financial situation. I vote for Fuji. They have both a long camera history and would certainly create some amazing new products.

UPDATE: Here is the full statement from Woodford: http://www.amateurphotographer.co.uk/news/michael_woodford_statement_on_why_he_quit_olympus_fight_news_311023.html.