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Canon to buy Swedish video surveillance firm for 2.8 bln USD

Xinhua, February 10, 2015 Adjust font size:

Japan's camera maker Canon Inc. announced on Tuesday that it has decided to buy all shares in Swedish video surveillance system provider Axis AB for about 2.8 billion U.S. dollars, with an aim to develop the new business as a driving force for future growth.

"The offer is friendly in nature and the Board of Directors of Axis has decided to recommend Axis's shareholders to accept it," Canon said in a release.

"The three largest shareholders in Axis, including the founders, who hold in aggregate approximately 39.5 percent of the total number of shares and voting rights in Axis, have undertaken to accept the offer subject to certain conditions," it said.

With the offer price of 340 Swedish krona (40.8 U.S. dollars) per share, the number of shares to be purchased by Canon would be 69,461,250 shares, 100 percent of the issued shares in Axis. This would be the biggest purchase ever made by the Japanese optics giant.

"Canon views its network surveillance camera business as a promising new business area and positions the business as a driving force for future growth within the Canon Group," said the company.

The offer will be launched as soon as the offer document is approved by the Swedish Financial Supervisory Authority and Nasdaq Stockholm in early March 2015. The Axis shares are listed on Nasdaq Stockholm.

Founded in 1984, Axis AB gained a net profit of 539 million Swedish krona (about 64.7 million U.S. dollars) last year. Endi