Posts Tagged ‘50billionyen’

Panasonic To Pump $635 Million Into Floundering Olympus

Due in large part to the massive accounting scandal that Olympus found itself in at the end of last year, the company hasn’t been doing that great financially. And now, according to Reuters, Panasonic is preparing to jump to Olympus’ aid by providing approximately 50 billion yen (635 million dollars) in capital. The move will benefit both parties, as Panasonic, who are struggling with sub-par TV sales, will become top shareholder in the company and hopefully add a new stream of revenue to their portfolio.

Even though, at this point, nothing has been confirmed by either company, Olympus has already reaped benefits from the rumored deal. According to Bloomberg, once the news broke, Olympus’ stock rose as much as 3.5 percent and began trading at the highest value the company has seen since March 30th.

(via Photo Rumors via Reuters)