Canon Steps Closer to Océ Acquisition
Companies agree to combine operations
Japan-based Canon plans to acquire Netherlands-based Océ using a self-funded, public cash offer of € 8.60 per share of Océ. The cash consideration of the offer is € 730 million, based on a 100% acceptance of Océ’s ordinary shareholders.
“We are delighted to welcome Océ, the ideal partner in every respect, into the Canon Group,” says Tsuneji Uchida, Canon’s president and COO. “Through the merger of Canon and Océ, we believe that we will be able to realize clear benefits, not only in the area of R&D, but also in terms of product mix and marketing and are confident that this winning combination will contribute greatly to our goal of becoming the overall number one presence in the printing industry.”
The companies say they’ll be able to build upon each other’s history, inventions, and customer service to create a strong joint enterprise capable of long-term success. The similar technology oriented background and corporate values will be important drivers creating the world’s leading group in the printing industry.
“I am very much looking forward to joining forces with Canon. There is a great fit between our companies, which share similar values and a strong commitment to technology and innovation. I am proud Canon intends to team up with Océ, based upon the prominence of our customers and technology and, of course, our people that have shaped our company for generations,” says Océ CEO Rokus van Iperen. “This is the best possible combination in the consolidating global printing industry and will deliver scale in R&D, manufacturing, and distribution.”
So far, both parties have agreed that Océ would be a division of Canon located in Venlo, Netherlands, and still retain a legal entity. The company will continue to hold responsibility for commercial printing, wide-format imaging, and business services. Canon’s Office Imaging Products division plans to house Océ’s office activities. Eventually, it is planned that Canon’s Large Format Printing unit will be integrated into the Océ Production Printing division. Océ will report to Canon’s board for financial and management control.