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HP releases statement on potential takeover deal from Xerox

HP has released a statement after speculation about Xerox being interested in a takeover of that technology company.

HP issued a statement Tuesday saying that it has “great confidence in our multi-year strategy and our ability to position the company for continued success in an evolving industry.”  The California-based company says that it has had conversations with Xerox from time to time about a potential business combination and did receive a proposal from Xerox.

HP says that it has “a record of taking action if there is a better path forward and will continue to act with deliberation, discipline and an eye towards what is in the best interest of all our shareholders.”

Bloomberg News reports that Citigroup has agreed to provide Xerox financing for a potential takeover, and Bloomberg says Xerox would likely need to take on at least $20 billion to close the deal, which was first reported by the Wall Street Journal this week.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.