Océ is now wholly owned Canon subsidiary

A few days ago (March 26, 2013) Canon Inc. announced that its consolidated subsidiary Océ N.V. which was delisted from NYSE Euronext Amsterdam in February 2012, became a wholly owned Canon subsidiary on March 8, 2013, following the conclusion of formal statutory buyout proceedings under Dutch law ("squeeze out procedure").

Canon announced it would acquire Océ in 2009, but the Japanese company did not immediately acquire 100% of the company's shares. As of the end of 2011, Canon had a 98.83% stake in Océ. Under Dutch law, the Japanese firm had to begin a so-called squeeze-out procedure at the start of 2012 to acquire the remaining shares.

Océ's integration into Canon has meant reducing the company’s workforce. DutchNews.nl reports that Océ has cut 300 workers from its staff of 2,400 at its headquarter in Venlo. Last fall, various Connecticut news outlets reported that Océ North America would cut 135 jobs in the state before December 31, 2013.

Since joining forces, Canon and Océ have jointly developed new products and worked to strengthen their marketing and service capabilities. Now that Océ has become a wholly owned subsidiary, both companies will work to maximize synergies with the aim of creating the overall #1 presence in the printing industry.

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Source: Océ becomes wholly owned Canon subsidiary, integration proceeds apace