Activist investors urge fellow Xerox shareholders to oppose Fujifilm deal

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. (Reuters)
Updated 13 February 2018
0

Activist investors urge fellow Xerox shareholders to oppose Fujifilm deal

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.


Adnoc signs deal with Eni on Ghasha concession

Updated 13 November 2018
0

Adnoc signs deal with Eni on Ghasha concession

  • ADNOC grants Eni 25 percent stake in ultra sour gas project
  • Follows Adnoc award to France's Total

LONDON: The Abu Dhabi National Oil Company (ADNOC) has granted the Italian oil company Eni a 25 percent stake in an off-shore gas mega-project, in a move that will support the emirate’s efforts to become self-sufficient in gas.
The energy company is now in discussions with other potential partners for the remaining 15 percent of the available 40 percent stake in the concession earmarked for foreign companies.
The award covers the Ghasha ultra-sour gas concession just off the coast of the UAE, including the Hail and Dalma and other offshore fields. Eni will contribute 25 percent of the development cost of the project which is likely to cost billions of dollars.
The deal comes just days after ADNOC awarded a 40 percent stake to French oil firm Total on Nov. 11 to explore and develop its Ruwais Diyab unconventional gas concession.
The Ghasha gas fields are estimated to hold trillions of standard cubic feet of recoverable gas, according to a company statement.
Once on stream, the project is expected to produce more than 1.5 billion cubic feet of gas per day. This could provide enough gas to supply electricity to more than 2 million homes, said ADNOC.
The project is set to produce 120,000 barrels of oil and high-value condensate per day once complete, the company said.
“ADNOC is committed to ensuring a stable and economic gas supply to the UAE, which is a core component of our 2030 strategy,” said Sultan Ahmed Al-Jaber, UAE minister of state and ADNOC group CEO.
“Development of our Hail, Ghasha and Dalma ultra-sour gas offshore resources, at commercial rates, will make a significant contribution towards delivering that strategic imperative and bringing forward the day when the UAE will not only be self-sufficient in gas but also transitions to net exporter of gas,” he said.
Eni won its first concession rights in the emirate’s oil and gas sector earlier this year, with Adnoc granting the Italian firm a 10 percent interest in its Umm Shaif and Nasr concession and a 5 percent stake in the Lower Zakum concession in March.
“We are pursuing a strategy of growing in the Middle East and today’s signature is further confirmation of our willingness to root our presence in Abu Dhabi,
following the agreements signed last March, with Adnoc,” said Eni CEO, Claudio Descalzi, in a statement.
ADNOC is exploring opportunities beyond Abu Dhabi, having also signed a framework agreement with the Uzbek energy company, Uzbekneftegaz on Tuesday.
The agreement will see the Gulf company provide advice on Uzbekistan’s upstream and downstream operations.