Copier company Xerox Corp. has said it was ending an agreement to combine with Japan's Fujifilm Holdings and is entering a settlement deal with investors Carl Icahn and Darwin Deason. The two companies had announced earlier this year that Fuji Xerox, their 56-year-old joint venture, would combine with Xerox, with Fujifilm Holdings taking a 50.1 percent stake in the newly formed company, New Fuji Xerox. In Tokyo, Fujifilm said Monday that Xerox has no right to withdraw from the agreement and urged the company to hold a shareholders' meeting. Fujifilm will urge the Xerox board of directors to reconsider their decision." "We are extremely pleased that Xerox finally terminated the ill-advised scheme to cede control of the company to Fujifilm," Icahn said in a statement.

Source: dna May 14, 2018 04:30 UTC