Fujifilm takes control of Xerox, will create a new joint venture

Xerox shares surge 8% on report of Fujifilm deal

Xerox shareholders would own just under half of the resulting entity and would get an implied premium for their stock and cash, the Journal said. Icahn is Xerox's greatest investor, with a 9.72 percent stake. The pair had been pushing for Xerox to explore "strategic options", fire the CEO and negotiate a better deal with Fujifilm.

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 combined company will have dual headquarters in Norwalk, CT, U.S. and Minato, Tokyo, Japan, and will maintain the "Xerox" and "Fuji Xerox" brands within its respective operating regions, the companies said.

Xerox has been under pressure from two of its biggest shareholders, Carl Icahn and Darwin Deason, who together own more than 15% of the company.

Confusingly, the new joint venture will become a full subsidiary of Xerox with Xerox changing its name to the "new" Fuji Xerox.

Fujifilm has been looking to expand into print services and medical imaging.

A major change for Xerox.

Fujifilm and Xerox declined to comment on the report. The total value of this dividend is $2.5 billion. "We are excited to strengthen our longstanding relationship with Fujifilm as we enter the next phase of Xerox's transformation journey".

Xerox has its origins in the founding in 1903 of the M.H. Kuhn Co., according to its official corporate history, and in its early days made and sold photographic paper.

Global leader with combined revenue of approximately $18 billion and almost $120 billion total addressable opportunity.

Fuji Xerox, which makes printers and copiers mainly in Asia and Australia, has been hit by falling demand.

Combined leadership with a strong track record of operational excellence, transformation experience, customer relationships and industry expertise. It says this will be due to the larger global reach of it and an improved financial profile.

But the company was not able to turn those innovations into commercial successes. A cost reduction plan has been put into place at the existing JV, which is targeted to generate approximately $450 million of cost savings on an annualized basis.

Formed in 1962 it was the longest running joint venture between United States and Japanese companies.

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