Canon to bid for Dutch printer maker Oce

17th November 2009, Comments 0 comments

Japanese high-tech giant Canon Inc. announced Monday a friendly takeover bid worth EUR 730 million (USD 1.1 billion) for Oce, the Dutch manufacturer of office printers and copiers.

Tokyo--Canon will offer EUR 8.60 in cash for each Oce share, aiming to take full ownership of the Netherlands-based company, whose management fully supports the bid, according to a joint statement.

There will be no worker redundancies as a result of the offer, which has already been accepted by several major shareholders and will result in a merger of the two companies' printing activities, it said.

Canon and Oce said they aimed "to create the overall number one presence in the printing industry."

A merger would deliver "clear benefits" in research and development, product mix and marketing, said Canon president Tsuneji Uchida.

Oce chief executive Rokus van Iperen said the two companies were "a great fit."

"This is the best possible combination in the consolidating global printing industry and will deliver scale in research and development, manufacturing and distribution," he added.

"The combined organisation provides us with access to a huge sales network in Asia as well as mutual cross selling opportunities in Europe and the United States."

Canon has enjoyed strong sales of digital single-lens reflex cameras in recent years, but its sales of photocopiers and precision machinery have been hit hard by the global economic downturn.

Canon logged a net profit of JPY 36.7 billion (USD 410 million) for the business third quarter through September, down 55.8 percent from a year earlier.

AFP/ Expatica

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