Fujifilm announces Xerox, Fuji Xerox merger deal

1:32 pm JST																Japan's Fujifilm close to deal with Xerox					Combination aimed at reviving ailing US group and thwarting activist attack

1:32 pm JST Japan's Fujifilm close to deal with Xerox Combination aimed at reviving ailing US group and thwarting activist attack

Fujifilm Holdings has agreed in principle with Xerox to merge the USA company and their co-owned subsidiary, Fuji Xerox.

Once it has absorbed Xerox the company will be called "New Fuji Xerox" and will be 50.1% owned by Fujifilm.

The deal is apparently aimed at delivering a more competitive edge in a climate of greater demand for digital equipment and paperless services. Reuters reports Fujifilm will cut 10,000 jobs in Asia by 2020.

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They say the objective of the restructuring is to reorganize operations and streamline manufacturing bases.

The healthcare industry shuddered Tuesday following the announcement that Amazon, Berkshire Hathaway and JPMorgan Chase plan to form a new company that will attempt to lower healthcare costs for their hundreds of thousands of employees across the US, the Wall Street Journal reports. It will be driven by Xerox CEO Jeff Jacobson, while Fujifilm CEO Shigetaka Komori will fill in as administrator.

However, as is often the case with many companies' restructuring efforts, there will be casualties.

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Xerox shareholders will receive a one-time special dividend payment of about $9.80 per share and retain a 49.9% ownership stake in the new Fuji Xerox. Also, it is planned that the current brands of both Fuji Xerox and Xerox will continue to be used after the Combination of the two companies. The news came days afterWall Street Journal disclosed that activist Xerox stakeholders Carl Icahn and Darwin Deason were urging Xerox to explore a sale. Through a joint venture based partnership spanning 56 years, the Company and Xerox have deepened their multi-faceted mutual cooperation on technology, etc. and built a strong relationship of trust. 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.

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.

Technology analyst Chris Green said: "It is not a surprise".

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