While both the scandal-hit Olympus and Panasonic are on high time of bearing the layoffs in coming weeks, Kyodo reports – via Reuters that Panasonic providing Olympus up to 50 billion yen (about $635 million) in capital. The move will make Panasonic the company’s top shareholder.
Quoting “unidentified sources,” Kyodo reported that Panasonic aims to secure a new source of revenue by forming an alliance with Olympus in its mainline operations. The funds that Olympus receives will help the company for its restructuring as well as its marketing needs. Furthermore, soon after the news came out Olympus shares rose 3.3 percent to 1,374 yen on Wednesday.