Xerox to combine with Fujifilm in joint venture

Fujifilm is expected to make a stock and cash offer to Xerox that would give the Japanese group a 51 percent stake in the combined company, said a person with direct knowledge of the transaction terms. The new company will keep headquarters both in the USA and Japan.

Billionaire investors Carl Icahn and Darwin Deason, who collectively hold over 15 percent of Xerox, had jointly persuaded the photocopier pioneer to explore strategic options, oust its "old guard", including its CEO Jeff Jacobson.

The Journal reported Fujifilm and Xerox are close to a deal that would combine Xerox with the current joint venture company it has with Fujifilm, and that the US company's shareholders would own just under half of the resulting entity.

Fuji Xerox accounts for almost half of the Japanese company's sales and operating profit. "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". "We believe Fujifilm's track record of advancing technology in innovative imaging and information solutions - especially in inkjet, imaging, and AI areas - will be important components of the success of the new Fuji Xerox".

It said the planned restructuring measures involve job cuts and closing or integrating manufacturing bases, and would lower annual costs by 50 billion yen from the year ending March 2020.

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 Chairman and CEO Shigetaka Komori will serve as chairman of the board. "It's going to be a big year for apps and partners building on Xerox's app platform".

Recommended:

• 

  30 January 2018

  West Ham defender hit with six-game ban for spitting at opponent

  Television cameras picked up the moment that led to Masuaku's dismissal, and Moyes confirmed afterwards that the club will take action against the Frenchman.
  

  30 January 2018

  Apple reportedly slashes iPhone X orders in half due to slow sales

  That's a huge jump in price just for a larger screen with what may have the same features as the iPhone X. As for the SE version, it should be comparable in price to what the iPhone 8 is, starting around $700.
  

  29 January 2018

  Anger grows in Kabul after ambulance bomb carnage

  According to NBC News, he had led fighters in multiple attacks on Afghan security forces and USA soldiers in Afghanistan . The targeted the Intercontinental Hotel in which 22 people, including 14 foreign nationals, were killed.
• 

  31 January 2018

  Interviews From The World Premiere Of Marvel's 'Black Panther'

  There were little concerns to begin with but it should still ease fans that director Ryan Coogler has done a marvelous job. She didn't specify which Star Wars she was talking about, but I think we can assume it was one of the good ones.
  

  30 January 2018

  4 killed in shooting at car wash in US state of Pennsylvania

  Porterfield and Chelsie Cline were killed inside their vehicle while near the side of the auto wash, officials said. ET in the village of Melcroft, 42 miles southeast of Pittsburgh, according to Pennsylvania State Police.
  

  30 January 2018

  Military university in Kabul rocked by explosions & gunfire

  Multiple U.S. citizens were killed and injured in the Taliban's 13-hour siege of the hotel, the State Department said Tuesday. At around 10 a.m. local time (0530GMT), the Ministry declared the fighting over with four attackers killed and one arrested.
• 

  31 January 2018

  Trump Issues Executive Order Continuing Operation of Military Prison at Guantanamo Bay

  The order also said that U.S. detention operations at Guantanamo Bay are safe, legal, humane and consistent with global law. "We must be clear", Trump said during his State of the Union address before Congress Tuesday night.
  

  31 January 2018

  Kim Kardashian Has This to Say to Anyone Shading Her Controversial Braids

  Lohan, who does not appear to have used the accent publicly since that time, has not responded on social media to Kardashian's remark.

  Rare lunar event 150 years in the making happening this week

  The point when the moon is closest to the earth is called Perigee and the point when it is farthest from it is called Apogee. JOHNSTON: Pitts says science enthusiasts will also be treated to a blue moon , the second full moon in a single month.
• 

  31 January 2018

  Kenyan opposition defiantly swears in 'people's president' Raila Odinga

  A Kenyan rights group estimated that at least 92 people were killed, mostly by police, in election-related violence a year ago . Meanwhile, Kenyan authorities shut television and radio stations yesterday in response to Odinga's presidential oath taking.
  

  31 January 2018

  UK's Theresa May heads for China as rivals plot her demise

  However, Theresa May said that the discussions will be an open occurrence and will be a frank affair on all the issues. The topic, "human rights in Hong Kong" yet remains debatable whether should be discussed or not.
  

  31 January 2018

  Syria talks agree to set up constitution committee

  Meanwhile, representatives of Kurdish groups in Syria boycotted the Russian event because they are now under attack by Turkey. A statement laying down basic principles of the future Syrian state and government was also passed in Sochi , Lavrov said.