Norwalk, Conn.-based Xerox (XRX) been targeted by activist investor Carl Icahn as it struggles to reinvent its legacy business amid waning demand for office printing. Fujifilm (FUJIY) is trying to streamline its copier business with a larger focus on document solutions services.

Xerox, which pioneered photocopiers, and Fujifilm already have a five-decade old Tokyo-based copier joint venture focusing on the Asia Pacific region including Japan and China, leaving Xeroxto cover the rest of the world.

The Journal report on Wednesday cited people familiar with the matter. It also said a full takeover of Xerox is not on the table, citing one of the people.

Xerox declined to comment. Fujifilm said it would not comment on speculative reports.

Xerox has a market value of about $7.7 billion, while Fujifilm is valued at around $22 billion.

Xerox “desperately” needed new leadership as it was slow to launch new products and increase revenue, Icahn wrote in an open letter to shareholders in December, a day after nominating four members to the board. He is Xerox‘s biggest shareholder with a stake of 9.7%.

Xerox spun off its business process outsourcing unit in 2016 and separated into two independent, publicly traded companies.

Read: Xerox CEO: The Hardest Part of Leading a Company Transition

Fujifilm shares fell 1.8% in Tokyo to 4,724 yen per share following the Journal report, while the broader Japanese market slipped 0.3%.

The copier joint venture, Fuji Xerox, was created in 1962 and now accounts for nearly half of Fujifilm’s sales and operating profit.

Fujifilm has been seeking growth outside its shrinking photographic film business, stepping up its acquisition drive in areas such as regenerative medicine.

Past deals include the 2015 purchase of Cellular Dynamics International, a U.S. biotechnology firm that makes human-induced pluripotent stem (iPS) cell lines and tissue cells.

Last August, it said it aimed to spend 500 billion yen ($4.49 billion) in strategic acquisitions over three years.