The Rank Group Plc is finally free of its stake in Xerox Corp, following the purchase by Xerox of the remaining 20% stake for 940m pounds, or approximately $1.5bn pounds, 500m pounds in cash and the rest in deferred installments over the next two years. A further 60m pounds will be made in 2000 if earnings growth targets are achieved by 1999. Rank Xerox will be known as Xerox Ltd once the transaction is complete, probably later this month. Formed in 1956, Rank Xerox was the European marketing arm of Xerox. Rumors that the Rank entertainment group was to pull out of the venture have been current in the marketplace for at least 15 years, but the process only began seriously in 1995, when Rank sold 40% of its stake to Xerox for 620m pounds, or $970m (CI No 2,580).
