Fujifilm HD Chairman Komori (left) and Fujifilm HD President Sukeno

Fujifilm HD Chairman Komori (left) and Fujifilm HD President Sukeno

FUJIFILM Holdings (HD) announced on November 5 that it will make Fuji Xerox its wholly owned subsidiary in early November. The company will acquire 25% of Fuji Xerox's shares and its stake in its U.S. affiliates, and pay a total of $2.3 billion (about 253 billion yen) to Xerox. When Xerox fell into financial difficulties, Fujifilm HD announced in 2006 that it would acquire shares in Xerox and aim for a management integration between Xerox and Fuji Xerox. However, shareholders opposed to the acquisition of Xerox filed a lawsuit to stop the acquisition, and a U.S. court ruled to temporarily halt the acquisition, and the newly-elected management team of Xerox announced the cancellation of the acquisition agreement at the shareholders' meeting. As a result of Xerox's cancellation of the agreement, Fujifilm HD had filed a claim for damages, but has now given up on the acquisition of Xerox. Photo taken on November 5, 2019, credit: Nikkan Kogyo Shimbun / Kyodo News Images

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