Once it has absorbed Xerox the company will be called "New Fuji Xerox" and will be 50.1% owned by Fujifilm. The combined company, with roughly $18 billion in revenues, will deliver at least $1.7 billion in total cost savings, with $1.2 billion to be achieved by 2020, Fujifilm and Xerox claim. Fujifilm is due to hold a news conference at 5 p.m. (0800 GMT). Fujifilm will utilize those returns to buy 50.1 percent of new Xerox shares.
The D&C adds New Fuji Xerox will use the Xerox brand in most nations and the Fuji Xerox brand in Asia and Australia.
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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Komori will be chairman of the new company's 12-member board of directors.
The two companies have existed for over half a century as corporate partners under the Fuji Xerox name. The cash dividend represents more than 30% of Xerox's unaffected share price of $30.35 based on closing share price as of January 10, 2018.
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.
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It also marks the end of independence for a USA company whose roots trace back to the start of the 20th century.
Fuji Xerox mainly has operated in Japan and the rest of Asia, with Xerox handling business in the US and Europe. Once the takeover is complete, holders of XRX stock will control 49.9% of the new company.
The joint venture will cut 10,000 jobs in Asia as part of the restructuring as the Japanese company struggles with an "increasingly severe" market environment, Fujifilm said Wednesday. Xerox shares finished down 0.5 percent on Tuesday.
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