Canon and Océ Combine Swiss Printing Operations
Monday, June 13, 2011
Press release from the issuing company
Venlo, The Netherlands, London, UK; - Canon and Océ are to combine their printing operations in Switzerland, following the completion, on 9 March 2010, of the public offer of Canon Inc. for Océ outstanding common shares, in an effort to create the overall No. 1 presence in the printing industry.
To facilitate this combination, Canon Europa N.V., a 100% subsidiary of Canon Inc., and Océ N.V. have reached agreement for Océ N.V. to sell 100% of Océ (Schweiz) A.G. to Canon Europa N.V. Océ (Schweiz) A.G. accounts for 3-4% of overall Océ revenues. The transaction price amounts to EUR 15.9 million.
In combining their Swiss businesses, Canon and Océ are addressing specific local market conditions. A combined operation in Switzerland is better placed to generate sales, taking into account the significant indirect business and fierce competition in the local market place. The combined Canon and Océ operation creates the largest printing presence in Switzerland.
Since this combination comprises a related party transaction, it is being executed at arm's length. The transaction is fully in line with Canon's stated intention to adhere to prevailing Dutch corporate governance standards. The transaction has been approved by the Océ Board of Executive Directors and the independent members of the Océ Supervisory Board. This decision took the interests of all stakeholders into account.
In this context, ING Corporate Finance has rendered a fairness opinion confirming that, from a financial perspective, the price is fair to Océ and its shareholders.
For more information, please contact:
Manager Media Relations
Tel. +31 (0) 77 359 56 28
Corporate PR Manager
Tel: +44 (0) 208 588 8034
To post a comment Log In or Become a Member, doing so is simple and free