Nintendo should "abandon" old business assumptions, considering mergers and acquisitions - Iwata

Nintendo president Saturo Iwata has stated in an interview that the company should "abandon old assumptions" regarding its business and are considering mergers and acquisitions as an "option."

Speaking with financial site Nikkei, Iwata also said Nintendo plans to 'step up' its share buybacks.

He also outlined other plans to help financially stabilize the company.

“We'll change the way we sell products, by managing customer information via the internet," he added. "We'll offer discounts to steady, regular customers. We'll cultivate emerging markets and launch new businesses in health and other areas.

"In an emerging country, you can expand the user base only after you offer a product line different from advanced economies in pricing.”

Iwata also said Nintendo has sizable cash reserves which were built up "when earnings were strong" as it is vital to have "deep pockets" in order to recover should something go horribly wrong.

Nintendo posted it financials earlier this week, during which time Iwata noted to investors he would be taking a 50% pay cut for the next five months.

Thanks, MCV.