FUJIFILM Holdings, Xerox to Combine Fuji Xerox JV with Xerox

1:32 pm JST																Japan's Fujifilm close to deal with Xerox					Combination aimed at reviving ailing US group and thwarting activist attack

Japanese technology firm Fujifilm on Wednesday announced 10,000 job cuts by March 2020 at its Fuji Xerox subsidiary, which it said was facing an "increasingly severe" market environment.

Xerox shareholders will receive a one-time special dividend payment of about $9.80 per share and retain a 49.9% ownership stake in the new Fuji Xerox.

Fujifilm Holdings Corporation has entered into a deal that combines Xerox with Fuji Xerox, creating an $18 billion industry juggernaut that has the potential to shift the balance of power in the intensely competitive printer market.

The transaction has been unanimously approved by the boards of directors of both firms.

Through restructuring and other reforms, the companies expect to save $1.7 billion a year by 2022. Just ahead of this announcement, Fujifilm announced that it will fire about 10,000 of the 47,000 employees now employed at Fuji Xerox, a move the company estimates will cut costs by about $450 million annually.

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This proposed combination provides Xerox shareholders with cash at closing, as well as a substantial interest in the significantly enhanced combined company.

The healthcare industry shuddered Tuesday following the announcement that Amazon, Berkshire Hathaway and JPMorgan Chase plan to form a new company that will attempt to lower healthcare costs for their hundreds of thousands of employees across the US, the Wall Street Journal reports. The board will include seven members - including Komori - appointed by Fujifilm's board and five independent directors appointed from Xerox's board.

The combined company will maintain the Xerox and Fuji brands within their operating regions.

Xerox has been focused by lobbyist financial specialist Carl Icahn and investor Darwin Deason, who united a week ago to push Xerox to investigate vital choices, expel its "old protect", including its CEO, and arrange better terms for its decades-long manage Fujifilm.

China National Nuclear Corp (CNNC), China's No. 2 nuclear power producer, will take over the country's top nuclear power plant builder to create a company worth nearly $100 billion, the latest state-orchestrated marriage in the nation's vast power sector.

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