Japan-based Canon confirmed on November 13 its plan to acquire Tokki, a supplier of manufacturing equipment for OLED (Organic Light-Emitting Diode) displays and thin-film solar cells. Via incorporating Tokki as its subsidiary, Canon is expected to step up its venture into the OLED business.

Nihon Keizai Shimbun reported that Canon plans to propose a tender offer of approximately 7.6 billion Yen (US$69.9 million; US$1=108.7 Yen) for a majority stake in Tokki. Upon the completion of transaction, slated for December 2007, Canon is estimated to obtain at least a 51.5% stake in Tokki.

Should the deal go through, Canon expects to start manufacturing OLED panels for use in its own DSC (Digital Still Cameras) and camcorders in 2010 at the earliest, according to the same report.