This morning, one of my blog-visitors alerted me to this Press Release from Canon/OCE. I had heard about this Press Release – but had not seen it – when I visited Art Post’s print4pay web-site. In addition to Canon delisting OCE from the stock exchanges, one person on Art’s site speculated that Canon is planning to drop the OCE name. I don’t see why Canon would do that, or even think about doing that. The OCE brand is a very strong brand. Here’s the Press Release …..
CANON SEEKS DELISTING OF OCÉ N.V.
Tokyo, Japan and Amsterdam, The Netherlands – 22 December 2011 – Canon Inc. (“Canon”) expresses the intention to realize a delisting of Océ N.V. (“Océ”) from the Amsterdam stock exchange NYSE Euronext, following the acquisition of the ordinary shares held by Orbis Funds (“Orbis”) in Océ (“Orbis Shares”), bringing Canon’s ownership in Océ to 98.83 per cent of the entire issued share capital (including cumulative preference shares). This increased percentage allows Canon and Océ to start discussions about the delisting procedure and the timing thereof, taking into account all regulatory requirements.
Canon will also commence statutory buyout proceedings under Dutch law (“squeeze out procedure”) in due course to affect the purchase of the remaining minority shareholdings. The acquired Orbis Shares represent approximately 10.8 per cent of the ordinary share capital and 8.8 per cent of the entire issued share capital of Océ (including cumulative preference shares).
As stated in the Offering Memorandum dated 28 January 2010, Canon has always had the intention to ultimately acquire 100% of Océ’s shares. With 98.83 per cent of the shares of Océ, Canon and Océ will be able to start preparing for the delisting procedure of Océ and continue to accelerate further the integration of Océ into the Canon Group, following which the combination can realize the benefits for all stakeholders involved.
Canon and Océ will provide more information on the related proceedings as and when appropriate.
Note: if you want to read the "about OCE" and "about Canon" information that's shown in the Press Release, visit Canon's international web-site.