Panasonic gearing up to offer $635 million bailout to save troubled Olympus

Panasonic is reportedly putting the final touches to a 50 billion yen ($635 million) bailout package to save Olympus. Panasonic will become the largest shareholder of the scandal-ridden camera maker, reeling from a $1.7 billion accounting fraud uncovered last year, with an eye on getting a foothold in Olympus' profitable medical imaging business. It gives us hope that the current range of blockbuster shooters including the OM-D won't be sacrificed in a last-ditch attempt to make the books balance.

Update: Outgoing Panasonic president Fumio Ohtsubo has strongly denied the reports, saying that there's no company plan to invest. That clears that up, then.

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Panasonic gearing up to offer $635 million bailout to save troubled Olympus (update)