TOKYO: Xerox’s plan to sell itself to Japan’s Fujifilm Holdings has come under further pressure with Carl Icahn and Darwin Deason urging fellow shareholders to oppose the $6.1 billion deal.
The activist shareholders, who own a combined 15 percent of the US printer and copier maker, said the agreement dramatically undervalued Xerox and criticized the deal structure, which calls for the US firm to be combined into the Fuji Xerox joint venture, as “tortured (and) convoluted.”
“We urge you – our fellow shareholders – do not let Fuji steal this company from us,” Icahn and Deason said in an open letter.
They added there was still great opportunity for Xerox to create “enormous value for shareholders, and it does not involve selling control to Fuji without a premium.”
Seeking a firmer footing amid waning demand for office printing, the two firms agreed to a deal under which their existing joint venture Fuji Xerox will buy back Fujifilm’s stake in it for about 75 percent for around $6.1 billion (SR22.87 billion).
Fujifilm will then use those proceeds to purchase 50.1 percent of new Xerox shares.
Xerox said in a statement that it had considered several other options in detail and concluded that the combination with Fuji Xerox is the “best path to create value” for the company.
Fujifilm said in a separate statement that the planned deal “represents compelling strategic and financial value for Xerox shareholders.”
“The combined company will create a strong business foundation under a globally unified management strategy and provide new value by leveraging Fujifilm’s technological resources,” the Japanese company said.
Activist investors urge fellow Xerox shareholders to oppose Fujifilm deal
Activist investors urge fellow Xerox shareholders to oppose Fujifilm deal
Saudi stock market opens its doors to foreign investors
RIYADH: Foreigners will be able to invest directly in Saudi Arabia’s stock market from Feb. 1, the Kingdom’s Capital Market Authority has announced.
The CMA’s board has approved a regulatory change which will mean the capital market, across all its segments, will be accessible to investors from around the world for direct participation.
According to a statement, the approved amendments aim to expand and diversify the base of those permitted to invest in the Main Market, thereby supporting investment inflows and enhancing market liquidity.
International investors' ownership in the capital market exceeded SR590 billion ($157.32 billion) by the end of the third quarter of 2025, while international investments in the main market reached approximately SR519 billion during the same period — an annual rise of 4 percent.
“The approved amendments eliminated the concept of the Qualified Foreign Investor in the Main Market, thereby allowing all categories of foreign investors to access the market without the need to meet qualification requirements,” said the CMA, adding: “It also eliminated the regulatory framework governing swap agreements, which were used as an option to enable non-resident foreign investors to obtain economic benefits only from listed securities, and the allowance of direct investment in shares listed on the Main Market.”
In July, the CMA approved measures to simplify the procedures for opening and operating investment accounts for certain categories of investors. These included natural foreign investors residing in one of the Gulf Cooperation Council countries, as well as those who had previously resided in the Kingdom or in any GCC country.
This step represented an interim phase leading up to the decision announced today, with the aim of increasing confidence among participants in the Main Market and supporting the local economy.
Saudi Arabia, which is more than halfway through an economic plan to reduce its dependence on oil, has been trying to attract foreign investors, including by establishing exchange-traded funds with Asian partners in Japan and Hong Kong.
