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Jun 24, 2011 12:00 AM
Canon and Oce announced today plans to combine both companies' printing operations in Japan. The move follows the completion in March 2010 of the public offer by Canon Inc. for Oce outstanding common shares, which was launched with the aim of creating the overall No. 1 presence in the printing industry.
To facilitate the combination in Japan, Canon Marketing Japan Inc., a company in which Canon Inc. holds the majority of the voting rights, and Oce N.V. have reached an agreement by which Oce N.V. will sell 100% of the share capital in Oce-Japan Corp. to Canon Marketing Japan Inc. Oce-Japan Corp. accounts for less than 1% of overall Oce revenues. The transaction price amounts to Yen 1,100 million (approximately EUR 9.6 million).
By combining their Japanese businesses, Canon and Oce will be better placed to generate sales, particularly in the wide format and production printing segments. The combined sales organizations will make both companies' products and services available to a broader customer base.
The transaction is in line with Canon's stated intention to adhere to prevailing Dutch corporate governance standards. The transaction has been approved by the Oce board of executive directors and the independent members of the Oce supervisory board. This decision took the interests of all stakeholders into account.
In this context, ING Corporate Finance has rendered a fairness opinion confirming that, from a financial perspective, the price is fair to Oce and its shareholders.