Xerox calls off Fujifilm merger
Copier company Xerox Corp. said it was ending an agreement to combine with Japan’s Fujifilm Holdings and is entering a settlement deal with investors Carl Icahn and Darwin Deason. Fujifilm opposed the move.
The two companies had announced earlier this year that Fuji Xerox, their joint venture, would combine with Xerox, with Fujifilm Holdings taking a 50.1 percent stake in the newly formed company, New Fuji Xerox.
But Norwalk, Conn.-based Xerox said the deal was being terminated because of Fujifilm’s failure to negotiate on improved terms.
In Tokyo, Fujifilm said Monday that Xerox has no right to withdraw from the agreement and urged the company to hold a shareholders’ meeting. It was considering legal action seeking damages, it said.
Walmart to start Houston deliveries
Walmart will start delivering groceries in the Houston area on Tuesday.
The Bayou City will be the 10th market nationwide where Walmart is offering its grocery delivery service.
Walmart customers in Houston and surrounding suburbs such as Sugar Land, Katy, Tomball, Spring, Pearland and Missouri City can order groceries online and have a personal grocery shopper pick their produce, meats and other items in the store.
A driver will then deliver the groceries to the customers’ homes during a one-hour delivery window of their choosing.
The service costs a flat $9.95 fee for a $30 minimum order. There is no subscription or price markups for the service, the company said. Customers can order through Walmart’s website and grocery app.
Lawsuit alleges pregnancy firings
NEW YORK — In a federal court lawsuit, two women accuse AT&T’s mobile phone subsidiary of firing them for pregnancy-related absences in violation of federal anti-discrimination laws.
The women allege that AT&T Mobility’s attendance policy, which assigns demerits for late arrivals, early departures and absences, discriminates against pregnant women. AT&T said it was reviewing the lawsuit but insisted it doesn’t discriminate against pregnant women.
CBS sues to avoid Viacom combo
NEW YORK — CBS is suing its controlling shareholder as part of its long-running attempt to avoid a combination with Viacom.
Both companies are controlled by National Amusements. CBS is suing to block any interference by National Amusements ahead of a CBS board vote on a dividend that would dilute National Amusements’ voting interest, essentially making CBS independent. National Amusements says it has no intention of forcing a deal not supported by both companies.
Sears may sell Kenmore brand
Sears Holdings Corp. is considering selling its Kenmore brand along with other related assets.
The ailing company, which operates stores under the Sears and Kmart names, says a special committee of its board is starting a formal process to explore the sale.
The company has sold off other major brands as it struggles to stay afloat, with Kenmore a notable reminder of the powerhouse retailer it once was.
Area home prices up 3.4 percent
Houston homes appreciated at a lower rate than other large Texas metros in the first quarter, as a dwindling supply of houses on the market contributed to higher prices across the U.S., a report shows.
The national median existing single-family home price reached $245,500 in the first quarter, up from 5.7 percent from the first quarter of 2017, the National Association of Realtors said. Houston-area home prices rose 3.4 percent year-over-year to $229,800 in the first quarter.
Prices increased in 162 out of 178 metro areas tracked, NAR said.
Of 11 Texas cities tracked, prices rose most in the Sherman metro area, reaching a median of $166,200 after an 11.1 percent gain. San Antonio, Dallas and Austin posted gains the next biggest gains of 8.0 percent, 6.0 percent and 4.5 percent, respectively. Beaumont and Corpus Christi posted declines in the median price, while Abilene was unchanged.
In other news …
• The Treasury Department auctioned $48 billion in three-month bills at a discount rate of 1.89 percent, up from 1.84 percent last week. Another $42 billion in six-month bills was auctioned at 2.035 percent, up from 2 percent.
• The Federal Reserve said the average yield for one-year Treasury bills stood at 2.28 percent, up from 2.25 percent.