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Fujifilm to take over Xerox, agrees to combine photocopier business

Fujifilm to take over Xerox, agrees to combine photocopier business

Now, the Company will make Xerox an owned subsidiary after Xerox makes Fuji Xerox a wholly-owned subsidiary, and Xerox will be renamed "Fuji Xerox" (in this announcement, "New Fuji Xerox").

The companies said Wednesday that Fuji Xerox, their 56-year-old joint venture, will combine with Xerox, with Fujifilm Holdings taking a 50.1 percent stake in the newly formed company, New Fuji Xerox. The new company, which will have a combined revenue of $18 billion, will keep the dual moniker as well as its pair of corporate headquarters in both Tokyo and CT.

Xerox shares were up 3.3 percent to $33.75 in early trading in New York Wednesday. Fujifilm will then use those proceeds to purchase 50.1% of new Xerox shares.

The Fuji takeover news comes as Xerox reported total 2017 revenues of $10.7 billion, 4.7% lower than 2016 but in line with company guidance.

Xerox had also been under pressure from activist shareholder Carl Icahn, the company's largest shareholder, who demanded the USA stakeholder alter or end its joint venture with Fujifilm.

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The new Fuji Xerox will also have significant revenue synergy opportunities over time as it capitalizes on its global reach, industry-leading scale and enhanced innovation capabilities.

Komori will be chairman of the new company's 12-member board of directors.

Fujifilm believes there will be no impact on earnings in FY 2017 and a "mid-to-long term" positive impact on earnings once the transaction has closed.

As its very own component rebuilding, Fujifilm said it was cutting 10,000 employments at Fuji Xerox, more than a fifth of its workforce at the joint wander, in the Asia Pacific district. Current Xerox shareholders will receive a cash dividend of $9.80 per share. Fuji Xerox is mainly engaged in business in Japan and the Asia Pacific region, while Xerox is mainly engaged in business in US and Europe. Once the takeover is complete, holders of XRX stock will control 49.9% of the new company.

For fiscal 2018, Xerox forecast reported earnings from continuing operations of USD2.30 to USD2.50 per share and adjusted earnings per share of USD3.50 to USD3.70.

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