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Panasonic denies reports it is investing $632m into Olympus

updated 10:09 am EDT, Fri June 8, 2012

Panasonic isn't investing in Olympus: President

Panasonic President Fumio Ohtsubo has gone on record to say that his company isn't planning on investing into ailing Olympus with some $632m in funds, denying a recent report. The original news came from the Kyodo news agency on Wednesday, citing unnamed sources. According to the latest Reuters story, Ohtsubo not only denied the report, but also confirmed there are no plans by Panasonic to invest into Olympus.

"I don't know where that information came from, not from us," the President stated during an interview at the Japan Electrical Manufacturers' Association. "There isn't any," he added, referring to any plans Panasonic has to invest in Olympus.

Olympus was reported to be searching for a partner to infuse them with cash as far back as January, with the most likely tie-ups to be Samsung or Panasonic, along with Sony, Fujifilm, and Terumo.

Panasonic was reportedly interested in expanding its healthcare business but it posted a record net loss recently and isn't likely to be in a position to invest this much money at this point.

Olympus is recovering from a financial scandal that involved the company hiding nearly $1.7 billion in profits.

by MacNN Staff



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