Xerox major shareholder sues to block Fujifilm takeover deal

Japan Economic Newswire |

A major shareholder in Xerox Corp. has sued to obstruct its plan to cede control to Fujifilm Holding Corp., U.S. media reported Tuesday.

"The transaction must be stopped dead in its tracks," Darwin Deason was quoted as saying in the complaint, filed in Manhattan state court.

The move came a day after Deason and fellow major investor Carl Icahn urged other shareholders to vote against Fujifilm's plan to acquire a majority stake in Xerox.

The Tokyo-based Fujifilm said at the end of January it will acquire a 50.1 percent stake in Xerox and merge it with its copy machine subsidiary Fuji Xerox Co., with the aim of improving profitability amid a sluggish business environment in the copier industry.

Fujifilm, once a major photographic film company, has largely shifted its operations to medical equipment and drugs as the film market has been shrinking with the emergence of digital cameras.

Fuji Xerox, a joint venture with Xerox, operates office equipment businesses in Japan and other Asian markets.


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