Deals
Canon to Buy Axis for $2.8 Billion in Move to Video Surveillance
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Canon Inc. made a 23.6 billion-krona ($2.8 billion) cash bid to acquire Sweden’s Axis Communications AB, expanding into video surveillance as smartphone competition erodes digital camera sales.
The world’s largest camera maker offered 340 kronor per share, almost 50 percent more than the stock’s closing price Monday in Stockholm, the companies said in statements. Shares of the Lund, Sweden-based company soared to match the offer price, trading at 336.70 kronor as of 11:10 a.m. local time.