Harris Associates LP, the fourth-largest shareholder of Olympus Corp. (7733.TO), said Thursday that the firm's payments on past acquisitions were "excessive" in response to fresh comments by the company defending its M&A activities.

"Quite clearly, by any measure, the payments were excessive and harmed the company," David Herro, chief investment officer at Chicago-based Harris, told Dow Jones Newswires.

Harris Associates, which has a 4% stake in the maker of cameras and medical-imaging equipment, had earlier sent a letter to the company board seeking an independent audit.

-By Kana Inagaki, Dow Jones Newswires; 813-6269-2795; kana.inagaki@dowjones.com

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