Panasonic Corporation of North America (PC) to Provide Olympus Corporation (OCPNF) With Up to $635 Million in Capital
6/7/2012 8:42:12 AM
Panasonic Corp is making final arrangements to provide up to $635 million in capital to scandal-hit Olympus Corp, Kyodo news agency reported on Wednesday, a move that will make Panasonic the company's top shareholder. Olympus, the world's leading maker of diagnostic endoscopes, is struggling to recover from a $1.7 billion accounting fraud uncovered last year by its then-CEO, Michael Woodford. Local media last week reported that Olympus planned to shed 2,500 workers and sell an equity stake to either Sony Corp. or Panasonic Corp. to bolster its finances.