Fujifilm takes control of Fuji Xerox, ending joint venture

Fujifilm said on Tuesday it will make Fuji Xerox a wholly owned subsidiary, buying Xerox’s stake in the firm and ending a 57 year old partnership between the Japanese and US companies.

The agreement will see Fujifilm withdraw a lawsuit it filed against Xerox in 2018 seeking more than US$1bn in damages after a merger between the two firms was scrapped, the Japanese firm said.

Under the transaction announced, Fujifilm will acquire the 25 per cent stake in Fuji Xerox owned by Xerox. The deal gives Fujifilm a 100 per cent stake in the firm.

The deal was unanimously approved by the boards of both companies, Fujifilm said.

‘Fuji Xerox will operate as a wholly owned subsidiary of Fujifilm and will continue to supply to Xerox after completion of the transaction,’ it said.

Tesla hopes to get China carmaking license by year-end

Tesla Inc has completed its new factory near Shanghai and is working with local authorities to obtain a manufacturing license, which it hopes to receive by the end of the year, chairman Robyn Denholm said.

The company is already building electric Model 3 sedans at the facility as part of a trial phase, Denholm said in a panel discussion at a Shanghai event on Tuesday.

The first Tesla vehicles to be produced outside the US are part of CEO Elon Musk’s efforts to expand in Asia and take on local electric-vehicle upstarts.

“We’re working with the local government to get our manufacturing certification, which we hope we will be able to get by the end of the year,” Denholm said.