HP confirms Xerox takeover talks

HP has issued a statement that confirms widespread press speculation earlier this week that Xerox is planning a takeover of the company.

“As reviewed at HP’s most recent Securities Analyst Meeting, we have great confidence in our multi-year strategy and our ability to position the company for continued success in an evolving industry, particularly given the multiple levers available to drive value creation. Against this backdrop, we have had conversations with Xerox Holdings Corporation from time to time about a potential business combination. We have considered, among other things, what would be required to merit a transaction. Most recently, we received a proposal transmitted yesterday. We have a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye towards what is in the best interest of all our shareholders,” said the statement issued 6 November. The news follows fast on the heels of the announcement that Fujifilm is to acquire Xerox’s 25% stake in Fuji Xerox for $2.3bn in a transaction expected to be completed this month. Fujifilm will also acquire Xerox’s 51% ownership in Xerox International Partners, a joint venture between Xerox and Fuji Xerox that operates OEM business in the US and Europe.