TOKYO/AMSTERDAM, Nov 16 (Reuters) - Japan's Canon said on Monday it would buy Dutch copier and printer maker Oce for 730 million euros after the companies suffered from the economic slump.
Japan's copier and digital camera maker Canon and Oce said in a joint statement Canon intends to make an offer for 8.60 euros per share and that Oce's management and supervisory boards support and will recommend the intended offer.
'Through the merger of Canon and Oce, we believe that we will be able to realize clear benefits, not only in the area of R&D, but also in terms of product mix and marketing,' Canon Chief Operations officer Tsuneji Uchida said in a statement.
Oce Chief Executive Rokus van Iperen said including debt and other obligations, the deal values Oce -- which competes with Xerox and Konica Minolta -- at about 1.5 billion euros.
Preference share holders Ducatus, ASR and ING -- which together hold 19 percent of the Oce's share capital -- agreed to sell their interests to Canon, while Oce shareholder Bestinver Gestion S.A. has agreed to tender its 9.5 percent stake.
(Reporting by Kiyoshi Takenaka and Gilbert Kreijger; Editing by Hans Peters) Keywords: OCE/ (aaron.gray-block@thomsonreuters.com; +31 20 504 5001; Reuters Messaging: aaron.gray-block.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Japan's copier and digital camera maker Canon and Oce said in a joint statement Canon intends to make an offer for 8.60 euros per share and that Oce's management and supervisory boards support and will recommend the intended offer.
'Through the merger of Canon and Oce, we believe that we will be able to realize clear benefits, not only in the area of R&D, but also in terms of product mix and marketing,' Canon Chief Operations officer Tsuneji Uchida said in a statement.
Oce Chief Executive Rokus van Iperen said including debt and other obligations, the deal values Oce -- which competes with Xerox and Konica Minolta -- at about 1.5 billion euros.
Preference share holders Ducatus, ASR and ING -- which together hold 19 percent of the Oce's share capital -- agreed to sell their interests to Canon, while Oce shareholder Bestinver Gestion S.A. has agreed to tender its 9.5 percent stake.
(Reporting by Kiyoshi Takenaka and Gilbert Kreijger; Editing by Hans Peters) Keywords: OCE/ (aaron.gray-block@thomsonreuters.com; +31 20 504 5001; Reuters Messaging: aaron.gray-block.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
