HP: Xerox firmą o „wątpliwej wartości”
Spadły przychody Xerox w 2019 r. To kolejny argument dla HP, by odrzucić pomysł fuzji.

Xerox w IV kw. ub.r. odnotował spadek przychodów o 2,2 proc., do 2,44 mld dol., a w całym roku o 6,2 proc., do 9,07 mld dol. Jednak zysk na akcję zwiększył się ponad dwukrotnie, z 1,16 dol. do 2,78 dol. W 2020 r. producent przewiduje dalszy spadek obrotów, ale w mniejszej skali niż w 2019 r. – o 4 proc.
HP uważa wyniki za kolejny argument, by nawet nie rozmawiać o przejęciu przez Xerox. Firma wskazuje na utrzymujący się trend spadku obrotów weterana rynku druku i wyraża obawy o kondycję jego biznesu. Powtarza po raz wtóry, że propozycja zakupu za 33,5 mld dol., złożona w listopadzie ub.r., nie docenia HP, a w razie fuzji akcjonariusze koncernu uzyskaliby akcje spółki "o wątpliwej wartości", narażone na "znaczące ryzyko" z powodu nadmiernego zadłużenia (z uwagi na koszty przejęcia) i stałego spadku wyników.
Akcjonariusze HP chcą więcej?
Xerox w minionym tygodniu ogłosił, że nominuje 11 swoich kandydatów do zarządu HP. Akcjonariusze zdecydują o powołaniach latem br. To ma być kolejny sposób doprowadzenia do połączenia obu firm.
Wcześniej zapowiedziano wrogie przejęcie, czyli zakup HP bez zgody zarządu, poprzez ofertę skierowaną bezpośrednio do udziałowców. CEO Xerox John Visentin przy okazji wspomnianych wyników finansowych stwierdził, że uzyskano "pozytywne opinie", od akcjonariuszy HP, z którymi rozmawiał Xerox. Nie podał, ile takich rozmów przeprowadzono, na ile znaczący są ci udziałowcy i czy pozytywne opinie mogą przełożyć się na chęć do udziału w transakcji.
Zdaniem analityka Morgan Stanley, cytowanego przez crn.com, udziałowców HP nie satysfakcjonuje cena zaproponowana przez Xerox, biorąc pod uwagę ryzyka takiej transakcji. Oprócz długu wskazuje na problem z integracją, gdyby Xerox wchłonął firmę 4 razy większą od siebie. Z drugiej strony nie robiąc nic też ponosi ryzyko, gdy dąży do stabilizacji przychodów przy ograniczonych środkach – twierdzi ekspert.
Z kolei Xerox uważa konsolidację za wielką szansę dla obu firm. Zapewnia, że synergia pozwoli zaoszczędzić 2 mld dol. połączonym korporacjom, a sprzedaż zwiększy się nawet o ok. 1,5 mld dol. rocznie.
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HP: „W IV kw. utrzymają się trudne warunki”
Słabnący popyt konsumencki ograniczył sprzedaż HP w III kw. Mimo to wzrósł zysk.