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Thursday, 5 January 2012 - Woodford in Japan to decide on bid to run Olympus |
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      Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Davos 2012 Technology Media Small Business Legal Deals Earnings Summits Business Video Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Politics Politics Home Election 2012 Issues 2012 Candidates 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh James Saft Lucy P. 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Woodford, who was fired as chief executive in October and blew the whistle on a $1.7 billion accounting scandal, faces long odds in his battle with current management over future leadership of the Japanese maker of medical devices and cameras. "There are several people I want to see to establish the way forward," Woodford said in footage carried by TV Tokyo as he arrived at the capital's Narita Airport. Asked whether he would withdraw his bid to return to Olympus' top job, he said: "At the moment, I have made no decisions at all, I need to talk to many people. I will tell everyone tomorrow." Woodford aide Waku Miller told Reuters the ex-CEO might give a news conference on Friday at 3 p.m. (0600 GMT), but said he had not yet made up his mind whether to abandon his campaign. Olympus' lenders are expected to back existing managers with a plan to bring in a new domestic investor, possibly a rival such as Fujifilm Holdings Corp, to pump more capital into the firm as it tries to put the scandal behind it, according to bankers familiar with lenders' thinking. The Nikkei business daily has reported that Olympus may issue about 100 billion yen in new preferred shares, with Sony Corp and Fujifilm seen as possible buyers. Woodford's campaign to return to Olympus has also been hobbled by an inability to spark a groundswell of support among rank-and-file employees. His duties as president - a post he held from April - required him to spend the bulk of his time overseas where the company makes most of its revenue, an employee who described himself as a middle manager told Reuters in December on condition he not be identified. "Few people had spoken to him and many had never seen him," said the Olympus manager, who supports Woodford's return as CEO. Several of Olympus' large foreign shareholders, however, have backed his return. "I think I have enough support from shareholders. That's not the issue," Woodford said on Thursday. "There are many options but again, until I have these meetings, I can't conclude." "It's the New Year so it's a good time to make decisions." Olympus is the target of joint investigations by police, prosecutors and securities regulators, who conducted raids on company offices and former executives' homes late last month. But the focus so far has been limited to a handful of former senior executives believed to have masterminded schemes that, with the help of investment bankers, hid investment losses dating back to the 1990s. Olympus' shares, while down 60 percent since the scandal, have stabilized in recent weeks as the market grew hopeful that the company could avoid a delisting of its shares over the scandal. Olympus stock was down 0.1 percent at 987 yen at the midday break on Thursday. (Reporting by Tim Kelly and Linda Sieg; Editing by Michael Watson and Ian Geoghegan) Tech Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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