Canon Announces Plans to Acquire Océ for $1.1 Billion

TOKYO—In a somewhat surprising deal, Canon has agreed to acquire 100 percent of the outstanding shares of Océ for euro 8.60 per share cash, or euro 730 million (US $1.1 billion), in a fully self-funded transaction. The price represents a 70 percent premium over Océ's closing shares on Nov. 13. Océ will operate as a division of Canon and will maintain both its brand and headquarters in Venlo, the Netherlands.