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01 February 2018, 12:43 | Vera Richards
Under the definitive agreement, Xerox will cede a 50.1 percent stake in the US printer and copier giant to the Japanese document solutions powerhouse, the companies announced on Wednesday.
Xerox shareholders will receive a special cash dividend of $9.80 per share.
Xerox Corp owns the remaining 25% of Fuji Xerox and has faced pressure from investors to explore strategic options and negotiate better terms on the venture with Fujifilm.
The merger, which was unanimously approved by the boards of directors of both Fujifilm and Xerox, will trade on the New York Stock Exchange as XRX.
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Fuji Xerox will become a full subsidiary of Connecticut-based Xerox, and Xerox will change its name to 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.
Reutersreports the Fujifilm will take a majority stake in the photocopying leader and merge the USA company with their longtime Fuji Xerox joint venture in a move to save as much as $1.7 billion.
"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", Jacobson said in a prepared statement.
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Fuji Xerox, a printer and photocopier maker, 75% owned by Fujifilm and 25% by Xerox, operates in the Asia-Pacific region, while Xerox operates in Europe and North America. The board will include seven members - including Komori - appointed by Fujifilm's board and five independent directors appointed from Xerox's board.
A deal, which could be announced today will value Xerox at $8 billion, which was the market value of Xerox at the close of trading on Tuesday.
The two organizations said that Fuji Xerox will purchase back that stake from Fujifilm for around $6.1 billion, utilizing bank obligation.
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