Xerox Corp (NYSE: XRX) is in talks for a deal with Japanese camera maker Fujifilm Holdings that could include a change in control of Xerox, though a full takeover of the company is not on the table, reported the Wall Street Journal.
Fujifilm and Xerox embarked on a joint venture in the 1960s, called Fuji Xerox Co., a consolidated subsidiary of parent company Fujifilm Holdings Corp. Fuji Xerox spread to multiple countries in the Asia-Pacific area, developing office and printing equipment.
Fujifilm Holdings reported last year that accounting problems caused a loss of $340 million. Xerox owns a 25 percent stake in the company. In December, Carl Icahn, Xerox’s largest stakeholder who reported a 9.7 percent stake in the company last year, criticized Xerox’s leadership for refusing to “acknowledge that change is needed,” specifically in the boardroom.
"We have shown time and time again that replacing an ineffective CEO can lead to billions and billions of dollars of value creation for all shareholders,” said Icahn in an open letter to Xerox shareholders.
Xerox has a market value of about $7.7 billion, while Fujifilm is valued at around $22 billion.Fujifilm.