Canon Increases Its Stake In Ove NV (CAJ, XRX)
Canon Inc. (NYSE: CAJ) is on its way to acquire Ove NV as its wholly owned subsidiary. The Japanese company has said that following its tender offer for shares, its stake in the Dutch company is now at 84%. Canon is looking to augment its product lineup and distribution infrastructure.
Canon specializes in manufacturing mid-tier production printers. Oce NV, on the other hand, specializes in high-end printers. High end printers are a fast growing segment of the office machine market. The office machine sector is currently going through a consolidation phase. Office equipment giant Ricoh has purchased machinery distributor Ikon Office Solutions. Another industry leader Xerox Inc. (NYSE: XRX) has acquired Global Imaging.
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