REUTERS: Activist investor Carl Icahn has bought a US$1.2 billion stake in HP Inc and is pushing for the personal computer maker's merger with printer maker Xerox Corp , arguing that a union could yield big profits for investors, the Wall Street Journal reported on Wednesday.
Xerox believes it can achieve at least US$2 billion in annual cost synergies by creating an office technology supplies giant, one source told Reuters last week.The billionaire told the Journal that his team began looking at HP in late February and he bought the company's shares from late April to mid-August, though he did not have a deal with Xerox in mind when he started accumulating the shares.
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