December 21, 2018
Shigetaka Komori has admitted that it will be a difficult matter to pull off the Xerox acquisition announced in January 2018, which has caused both companies well-documented turmoil.
Speaking to Nikkei Asian Review, the Fujifilm chairman “appeared to be on the verge of bowing to the inevitable.”
He revealed that he and new Xerox helmsman, John Visentin, had met up in November and both parties had expressed the view that Fujifilm and Xerox “can maintain their existing alliance”.
“We haven’t given up on acquiring Xerox,” Komori told Nikkei, “but we will not take the initiative at this point. We are not going to try to persuade Xerox.”
Fujifilm is currently calling for Xerox to fork out $1 billion (€875.7 million) in compensation for the failed deal, describing the OEM’s move to call off the deal as “a breach of contract.”
While Fujifilm can still attempt to renegotiate acquisition terms, it seems unlikely this will come to pass.
“We have no intention of sweetening the financial terms of the January acquisition plan,” said Komori, also Fujifilm’s CEO. “A large majority of Fujifilm shareholders object to an additional contribution. We will not consider a new acquisition plan from our side.”
However, despite the slightly rocky relationship between the two, Komori conceded that his talk with Visentin in November had been a positive move.
“Relations […] have been improving,” Komori said. “As a result of the talks […], I could gain the understanding […] that current relations are good.”
As for the acquisition, Komori concluded, “There are probably some Xerox shareholders who will not accept it without sweeter terms,” before adding, “It will be tough to convince them.”
Categories : City News