Canon to buy Toshiba

Canon Inc. is the leading contender to win the bidding for Toshiba Corp.’s medical unit with an offer exceeding ¥700 billion ($6.2 billion), sources said Wednesday.Toshiba Medical System- Official Medical Systems Partner For Manchester United.

Toshiba Medical, the world's second-largest manufacturer of CT scan machines, also makes X-ray and magnetic resonance imaging (MRI) systems. It had revenue of 405.6 billion yen in the past financial year.

The second-round of bidding also included Konica Minolta Inc which had teamed up with European buyout firm Permira, a source familiar with the matter said earlier.Toshiba is selling assets to help pay for the fallout of the biggest accounting scandal in its 140-year history that prompted writedowns and departure of executives.

President Masashi Muromachi is selling the medical unit, cutting jobs and considering a reorganization of its PC and TV operations as the company forecasts a record loss for the fiscal year ending March 31.

Subscribe for latest Updates