USA copier and printer maker Xerox, which has been in some financial trouble for the last few years, will be absorbed by the joint venture that the company owns with the Japanese company Fujifilm, according to the Wall Street Journal Tuesday.
Xerox shareholders will receive a $2.5 billion cash dividend, or about $9.80 per share.
The deal, which has been approved by the boards of directors at both Xerox and Fujifilm, combines Xerox with Fuji Xerox, a longstanding joint venture agreement between the two. The new combined company, Fuji Xerox, will trade on the New York Stock Exchange and have dual headquarters in Norwalk, Connecticut and Tokyo.More news: One attacker arrested amid ongoing gunfire in Kabul
It said the restructuring would lower annual costs by 50 billion yen from the year ending March 2020.
As its very own component rebuilding, Fujifilm said it was cutting 10,000 employments at Fuji Xerox, more than a fifth of its workforce at the joint wander, in the Asia Pacific district.
News10NBC is told Jeff Jacobson will be keeping his job as CEO of Xerox.More news: Fitness model Jen Selter kicked off Miami flight by police
Xerox announced a net misfortune from proceeding with operations of $196 million (generally Rs. 1,245 crores) in the final quarter, mostly because of an irregular $400 million (Rs. 2,542 crores) charge as it tried to exploit changes to U.S. assess law yet additionally mirroring the consistent decrease in office printing. The pair had been pushing for Xerox to explore "strategic options", fire the CEO and negotiate a better deal with Fujifilm. The transaction, which is expected to close in the second half of calendar year 2018, is subject to the satisfaction of customary closing conditions and regulatory approvals and approval by Xerox shareholders.
Major Xerox investors Carl Icahn and Darwin Deason have already publicly voiced their displeasure with the proposed agreement after the two sides were reportedly engaged in talks earlier this month.
Fujifilm and Xerox have been partners for over a century.More news: Ecumenical Patriarch declares backing for Turkey campaign in Syria
- Knicks Looking To Part With Joakim Noah After Exchange With Jeff Hornacek
- Kenyan TV stations switched off over Odinga swear in
- Cleveland Indians Will Remove 'Chief Wahoo' From Uniforms In 2019
- Crutches, tears humanize North Korean threat in Trump speech
- Five killed in US shooting at car wash 'sparked by domestic dispute'
- Officer Who Pushed False Hawaii Missile Alert Believed It Was Real
- Trump expected to announce order to keep Guantanamo Bay prison open
- Apple Inc. (AAPL) Slashing iPhone X Production Amid Weak Demand
- Kendrick Lamar Kicks Off Grammys with Politically-Charged Performance
- May pledges to 'step up' relationship with China