Rank Xerox is in a state of flux over the potential departure from its parent company, the Rank Group.
Rank has already announced it is disposing of its film distribution arm to Carlton Communications for #65 million. Rank chief executive Andrew Teare has hinted that Rank Xerox, the Group?s office equipment joint venture with US photocopier firm Xerox, will be next.
Rank has a #930 million stake in the company and it is expected that Xerox will be the likely buyer.
Teare suggested that changes to the Group?s internal tax structure meant that Rank Xerox could be sold off without incurring a heavy capital gains tax bill.
A UK spokesman for Rank Xerox said that the company was still in the dark and was waiting to get confirmation from the US as to when any sell-off is likely. ?We want to clear the matter up as soon as possible, so it doesn?t deflect interest from forthcoming product launches,? he said.
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