Panasonic to Provide Oly With 50 Billion Yen (report)

TOKYO (Reuters) - Panasonic Corp is making final arrangements to provide up to 50 billion yen ($635 million) in capital to Olympus Corp in a move that will make Panasonic the top shareholder in the company, which has been hit by a massive accounting scandal, Kyodo news agency reported.

Panasonic, a leading electronics maker struggling with sluggish TV sales, aims to secure a new source of revenue by forming an alliance with Olympus in its mainline operation of medical devices, Kyodo said, citing unidentified sources familiar with the move. ($1 = 78.6650 Japanese yen)

http://www.nytimes.com/reuters/2012/06/05/technology/05reuters-panasonic-stake-olympus.html?hp