Xerox to combine with Fujifilm in joint venture

Reuters

The transaction has been approved by the Board of Directors of both companies and Fujifilm executives are confident the deal will be approved by shareholders. The Company will hold 50.1% of the shares of New Fuji Xerox, and New Fuji Xerox will maintain its listing on the NYSE.

The consolidated organization will keep the Fuji Xerox name and turn into an auxiliary of Fujifilm, with double base camp in the United States and Japan, and recorded in NY.

The takeover bargain comes not as much as a year after Fujifilm conceded disgraceful bookkeeping norms at Fuji Xerox, yet Komori said that Xerox's solid administration gauges could be gainful to the new organization.

This proposed combination provides Xerox shareholders with cash at closing, as well as a substantial interest in the significantly enhanced combined company.

Fujifilm Holdings also announced it will cut one-fifth of its global workforce - 10,000 jobs - at the joint venture with Xerox Corp.as part of a broader reorganization Wednesday. Xerox was trading up $0.83 (2.54%) to $33.51 per share before markets opened Wednesday.

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Earlier this month, The Wall Street Journal reported that Fujifilm and Xerox were discussing an array of possible alternatives that may or may not have included a change of control of Norwalk, Conn. -based Xerox.

Icahn supporter Jonathan Christodoro resigned from the Xerox board of directors, citing disagreement with other board members over Xerox's strategic direction. Icahn is Xerox's greatest investor, with a 9.72 percent stake.

Xerox and Fujifilm have announced they have entered into an agreement to combine the two firms.

"New Fuji Xerox will benefit not only from its size but also from its solid management resources, including strong brands, state-of-the-art technologies and excellent human resources", Fujifilm said in a statement. "I like the products they have, and a lot of those products are from Fuji".

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