Sony has decided to help out Olympus.The companies announced today that Sony will acquire over 34 million shares in Olympus through a third-party allotment to the tune of $645 million in cash. The deal, which both sides are calling a "Capital Alliance," is designed to help keep Olympus afloat after a scandal earlier this year brought the company to its knees.
Olympus' troubles started -- on paper, at least -- last year when its dismissed president and CEO Michael Woodford presented documents to the media showing the company had allegedly used odd accounting practices, payouts, and other financial dealings designed to coverup its losses over more than a decade. When the dust finally settled, the alleged fraud was at the time, valued at about $1.7 billion.
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