Panasonic to provide Olympus with up to 50 bln yen in capital-Kyodo

TOKYO, June 6 Tue Jun 5, 2012 7:46pm EDT

TOKYO, June 6 (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.

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