Panasonic Corp and Fujitsu Ltd have reached a basic agreement to form a company this autumn as part of their plan to combine their chip design and development operations, two sources familiar with the matter said on Tuesday.

The new company will have be capitalised at 50 billion yen ($490.9 million), with Fujitsu injecting 20 billion yen, Panasonic 10 billion yen and Development Bank of Japan providing the rest, the sources said.

Panasonic and Fujitsu plan to transfer some 3,000 workers to the new company, they said.