Fujifilm and Xerox are cutting 10000 jobs

Xerox company is seen on a building in Minsk Belarus

Xerox has been under pressure to find new growth sources while Fujifilm is trying to streamline its copier business. The Fuji Xerox joint venture helped the company fend off Canon Inc. and other rivals with low-end copiers, but by the end of the '90s, the rise of email and desktop printers had upended its market and forced several painful restructurings.

Fujifilm owns 75 percent of the joint venture, called Fuji Xerox, which accounts for almost half of the Japanese company's sales and operating profit. The company's market cap is $8.32 billion. Plans were for the deal to be completed around July-August, they added. The combined company will be named "Fuji Xerox" and trade on the NYSE under the ticker XRX.

Xerox and Fujifilm struck the joint venture 55 years ago. The Japan-based photocopier company has grown, and now generates around half the Japanese parent's consolidated sales.

Fujifilm and Xerox have been partners for over a century. Fujifilm is due to hold a news conference at 5 p.m. (0800 GMT).

The deal would combine Xerox with a joint venture the company has with Fujifilm, and the USA company's shareholders would own just under half of the resulting entity, according to people familiar with the matter.

Xerox has been targeted by activist investor Carl Icahn and shareholder Darwin Deason, who joined forces last week to push Xerox to explore strategic options, oust its "old guard", including its CEO, and negotiate better terms for its decades-long deal with Fujifilm. "An attractive, certain cash dividend, together with participation in the future success of the combined company, presents a compelling value equation for Xerox shareholders".

The takeover deal comes less than a year after Fujifilm admitted improper accounting standards at Fuji Xerox, but Komori said that Xerox's strong governance standards could be beneficial to the new company. But the paper also says the deal may be announced as soon as Wednesday, which is when Xerox reports 4th quarter earnings.

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