Disgraced Olympus prays for rival tie-in

Troubled cameramaker Olympus is hoping to put its days of dodgy accounting behind it by doing a deal with the competition.

According to Reuters, Olympus wants an investor and is approaching Sony and Panasonic.

The company is still dealing with a $1.7 billion accounting fraud which has gutted its share price and left its management utterly disgraced.

Quoting the Asahi Shimbun newspaper, Reuters listed Sony and Panasonic as two companies on a short-list of five that Olympus would foresee injecting fresh capital in return for a minority stake.

Although it has had a bad year, Olympus dominates the global market for gastro-intestinal endoscopes, which is a nice little earner.

Olympus was also talking to Samsung, Terumo and rival camera and endoscope company Fujifilm, but would prefer a Sony or Panasonic deal.

Samsung has already ruled itself out, saying it does not want to buy any camera companies other than perhaps Canon and Nikon, and they are not for sale.

The Asahi claimed Olympus would organise the tie-up by February and wanted to raise $1.3 billion.