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Xerox to combine with Fujifilm

Xerox to combine with Fujifilm”

Xerox had also been under pressure from activist shareholder Carl Icahn, the company's largest shareholder, who demanded the US stakeholder alter or end its joint venture with Fujifilm. The transaction, which is expected to close in the second half of calendar year 2018, is subject to the satisfaction of customary closing conditions and regulatory approvals and approval by Xerox shareholders. The Fuji Xerox joint venture, based in Tokyo, is 55 years old.

Fujifilm said Wednesday that it will cut 10,000 jobs globally at the existing joint venture to deal with a decline in the photocopying business.

"Upon careful consideration of all alternatives available to the company, the Board of Directors concluded that this combination is clearly the best path to create value for our shareholders", Robert J. Keegan, chairman of Xerox's Board of Directors, said. Earlier this month, the Journal reported that activist Xerox investors Carl Icahn and Darwin Deason were urging the company to pursue a sale.

The D&C adds New Fuji Xerox will use the Xerox brand in most nations and the Fuji Xerox brand in Asia and Australia.

Fuji Xerox has been struggling as the world moves toward paperless offices.

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"I would hope the innovative thinking of the partners is valuable to Fuji", Leone said.

Xerox has agreed to a $6.1bn takeover bid from Japan´s Fujifilm, just as fourth-quarter results provided evidence that its transformation strategy was making headway.

US retailer Wal-Mart Stores Inc is in advanced talks to buy a minority stake in India's leading homegrown e-commerce firm Flipkart, the Economic Times newspaper said. The board will include seven members - including Komori - appointed by Fujifilm's board and five independent directors appointed from Xerox's board.

"In the areas they're in, scale matters a lot". "They haven't been managed for a long time to optimize shareholders". That's why you see (Icahn) in there.



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