Japan's Olympus rescinds purchase of South Korean stent maker

TOKYO -- Olympus will sell its entire stake in South Korea-based Taewoong Medical back to the former shareholders, the Japanese company said Friday, rescinding its acquisition after finding problems with data provided by the medical products maker.

Olympus had bought Taewoong, which manufactures gastrointestinal stents, in January for $255.5 million up front, with up to $114.5 million more to be paid later depending on Taewoong's results for the two years after the acquisition.