Canon and Océ Combining Operations in Switzerland
Canon and Océ will combine their printing operations in Switzerland, following the completion of the public offer of Canon Inc. for Océ outstanding common shares, in an effort to create the overall number-one presence in the printing industry.
To facilitate this combination, Canon Europa N.V., a 100 percent subsidiary of Canon Inc., and Océ N.V. have reached an agreement for Océ N.V. to sell 100 percent of Océ (Schweiz) A.G. to Canon Europa N.V. Océ (Schweiz) A.G. accounts for 3 percent to 4 percent 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 considered the interests of all stakeholders.
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, visit www.oce.com.