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Business deals

Fujifilm to sue Xerox for damages after scrapped takeover

$6.1bn deal blocked by settlement with activist investors Icahn and Deason

Xerox unilaterally scrapped a deal with Fujifilm that would have merged the U.S. company with their joint venture Fuji Xerox.   © Reuters

TOKYO (Reuters) -- Fujifilm Holdings Corp is planning to sue Xerox Corp soon to seek damages from the U.S. photocopier company for unilaterally scrapping their $6.1 billion takeover deal, a senior Fujifilm executive said on Friday.

"We plan to file a damages lawsuit as soon as possible," Kenji Sukeno, chief operating officer, said at an earnings briefing.

In January, Xerox and Fujifilm had agreed to a complex deal to merge Xerox into their 56-year-old Asia joint venture Fuji Xerox and give Fujifilm control.

Xerox scrapped the deal this week in a settlement with activist investors Carl Icahn and Darwin Deason, who opposed the takeover by Fujifilm saying it undervalued the U.S. company.

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