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FujiFilms (TYO:4901)end their Xreox(NYSE:XRX) partnership and take control

Xerox company is seen on a building in Minsk Belarus

Fuji Xerox, a printer and photocopier maker, 75% owned by Fujifilm and 25% by Xerox, operates in the Asia-Pacific region, while Xerox operates in Europe and North America.

Early Wednesday morning it was announced that Fujifilm Holdings, the company that Xerox has had a joint venture with for many years, will take a majority stake in the company. Norwalk, Connecticut-based Xerox will own 49.9 of the combined company.

Xerox shares were up 3.3 percent to $33.75 in early trading in New York Wednesday.

Confusingly, the new joint venture will become a full subsidiary of Xerox with Xerox changing its name to the "new" Fuji Xerox. Fujifilm on Wednesday reported a 29.4 percent drop in operating profit at its document solutions operations, which includes Fuji Xerox, for the third quarter, underperforming its imaging and information segments. Importantly, the combined company will have an increased total addressable opportunity estimated at almost $120 billion and a strong presence in attractive growth markets, allowing the new company to become more competitive and better able to serve customers and business partners globally.

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Fujifilm believes there will be no impact on earnings in FY 2017 and a "mid-to-long term" positive impact on earnings once the transaction has closed. It will be led by Xerox CEO Jeff Jacobson, while Fujifilm CEO Shigetaka Komori will serve as chairman. In addition to its size, New Fuji Xerox will also have management resources such as high-value brands and the cutting-edge technology and excellent human resources that support those brands, as well as global marketing power and a superior customer base.

Fuji Xerox mainly has operated in Japan and the rest of Asia, with Xerox handling business in the USA and Europe.

The healthcare industry shuddered Tuesday following the announcement that Amazon, Berkshire Hathaway and JPMorgan Chase plan to form a new company that will attempt to lower healthcare costs for their hundreds of thousands of employees across the USA, the Wall Street Journal reports. Icahn is Xerox's greatest investor, with a 9.72 percent stake. Xerox shares ended down 0.5 percent on Tuesday.

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