Canon and Oc report 'good progress' in acquisition offer

Canon and Oc have confirmed that "good progress" is being made in the preparations for the offer from Canon to acquire the Dutch manufacturer.

Both companies confirmed that notifications have been filed with the competition authorities of the European Union, the United States, Switzerland and Taiwan.

Canon said that it expects to submit a request for approval of the offer to the Netherlands Authority for the Financial Markets before 8 February 2010.

Earlier this month, Canon acquired approximately 20% of Océ's share capital, with shares in the manufacturer rising marginally above the original €8.60 offer price following an objection from major shareholder Orbis.

Canon has made a €730m (£655m) cash offer for digital press manufacturer Océ with a view to creating "the number one presence" in the digital market.