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Former CEO Woodford ends Olympus takeover battle

Jan 6, 2012 at 01:59 GMT

Former CEO Michael Woodford has issued a statement saying he will no longer seek to regain his position in the company. Woodford was removed by the company when he uncovered a financial cover-up aimed at hiding loses of over $1bn. He has subsequently campaigned to have the company's existing management board removed but has given up on the fight, having failed to win similar levels of support from Japanese shareholders as he received from overseas investors.