Xerox and Fujifilm discussing deal

There have been multiple reports that Xerox and Fujifilm are discussing some kind of deal though it’s unlikely that Fujifilm is going to take over Xerox.

Xerox Versant 180 

Nonetheless, Xerox has struggled, largely because there’s less demand for office copiers now that most documents start off as digital files and can be easily archived and sent out in digital form. Xerox has also had to fight off the attentions of its largest shareholder, Carl Icahn, who holds 9.7 percent of the company and has publicly called for changes in the company’s leadership. To complicate matters further, Xerox spun off its more successful business services portfolio into a separate company, Conduent, last year.

Xerox already has a partnership with Fujifilm in the Asia Pacific region, Fuji Xerox, which started off in 1962 as a joint venture but is now 75 percent owned by Fujifilm. This was originally about distributing Xerox technology through Fujifilm’s channels but Fujifilm has been driving much of the product development in recent years. However, last year Fuji Xerox revealed an accounting scandal which related to an overstatement of profit of some $340 million between 2011 and 2016. This in turn forced Xerox to restate its results for these years.

Xerox has a market value of roughly $7.7 billion, though is carrying some $4 billion in debt, while Fujifilm is worth approximately $22 billion. Fujifilm has also earmarked some $4.5 billion for strategic acquisitions over the next three years as it struggles to replace its legacy film business. When news of these talks broke last week, the shares in Xerox rose, while they fell in Fujifilm, strongly suggesting that the market believes that Xerox needs Fujifilm more than the other way around.

Neither side has confirmed or denied these reports, which remain speculative at the moment.



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