Fidelity bank banner NewsExpress advert
Xerox announces $6.1 billion Fujifilm merger

By Barry Eitel, San Francisco on 01/02/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 525


Xerox announced Wednesday that it would be acquired by the Japanese corporation Fujifilm in a $6.1 billion deal.

The boards of both companies announced that Fujifilm will become the majority stakeholder in Xerox.

The transaction will occur in a fairly convoluted matter because Fujifilm and Xerox have been partners in a joint venture, Fuji Xerox, since 1962. Fujifilm owns 75 percent of that company, which is mostly focused on producing printing products in Asia, while Xerox owns 25 percent.

The proposed plan is for Xerox to buy Fujifilm’s stake of Fuji Xerox for $6.1 billion, including debt. Fujifilm will use that money to then buy 50.1 percent of Xerox’s stock, forming a new company temporarily called “New Fuji Xerox”.

The companies said the plan would occur in July or August of this year.

“I am confident that Fujifilm’s ability to drive change as well as its experience of successful reinvention will give a competitive edge to the new Fuji Xerox, delivering significant value creation to shareholders of both the new Fuji Xerox and Fujifilm,” Fujifilm CEO Shigetaka Komori said in an announcement.

“We are delighted to welcome Xerox and its employees to the Fujifilm family and look forward to combining our strengths towards jointly shaping the future of our industry.”

Wednesday morning, Xerox and Fujifilm both shared quarterly earnings reports, and both companies are facing profit declines due to decreased printer and photocopier sales.

As part of the restructuring, Fujifilm said it was cutting 10,000 jobs, many in the Asia Pacific region.

Xerox’s shares hit their highest point in nearly three years Wednesday, closing up 4.34 percent at $34.13. Shares of Fujifilm plunged in Tokyo, dropping 8.32 percent to 4,190 yen (about $38.38) per share.

“The proposed combination has compelling industrial logic and will unlock significant growth and productivity opportunities for the combined company, while delivering substantial value to Xerox shareholders,” Xerox CEO Jeff Jacobson said in a statement.

“The new Fuji Xerox will be better positioned to compete in today’s environment with truly global scale, increased presence in fast-growing markets, and innovation capabilities to effectively meet our customers’ rapidly-evolving demands.” (Anadolu Agency)

Source News Express

Posted 01/02/2018 1:24:25 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Nigeria set to benefit from deep sea mining...

APC throws weight behind Buhari’s proposed probe of...

Sierra Leone: Govt. announces deep spending cuts to...

Forbes Billionaires: Bill Gates remains No. 1, Dangote...

Breaking News: El-Rufai under ‘house arrest’ in Awka...

Second international flight lands in Enugu

NiMET predicts hot weather condition for the North...

Hate in the Age of Charlatans

Buhari appoints new FERMA Board, NEMSA MD

80-year-old woman in court for fighting

Saraki to intervene in aviation sector facility crisis...

I stopped Kwara pension on my own volition...

 

Latest News Atiku appoints Gbenga Daniel 2019 Presidential Campaign DG 2019 polls will make or mar Nigeria — Primate Ayodele INEC lacks powers to disqualify aspirants with court cases: Commissioner, Lawyer Mace Theft: IGP redeploys NASS DPO to Adamawa 434 cholera cases recorded in Mubi, 13 victims confirmed dead Nigeria has one of world’s highest infant mortality rates — Saraki New Ebola death confirmed in Congo 33pct C/River children have visual problems – Optometrists Salah will make the Russia World Cup, says Egyptian Government Amosun harps on investment in children CBN mandates BDCs to access foreign exchange window thrice weekly SPDC contains leaks on Trans Ramos Pipeline •Prepares for final phase of JIV

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (346,198 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (343,177 views) Shameless Genevieve Nnaji exposes breasts in public (274,327 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (225,555 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,752 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (203,616 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (177,633 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,933 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,776 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (144,167 views) Lagos plane crash: Journalist releases victims’ names (140,527 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,913 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (43) Business & Economy (3,165) Business Verdict (43) Columnists (858) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (499) Features (598) Global Business Monitor (275) International (1,975) Interview (150) Live Commentary (28) Love Matters (121) News (35,650) Opinion (973) Pidgin (10) Politics (5,091) Religion (749) Sports (1,520) Stock Watch (29) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement