Xerox is reportedly in deal talks with Fujifilm

What's fueling stock market record highs?

Xerox (XRX) is reportedly discussing a variety of deal options with Fujifilm Holdings, including a change of control, as the American copy and printer giant battles activist investor Carl Icahn.

The discussions, as reported by The Wall Street Journal, are said to preclude a full takeover of Xerox. It's also possible that no deal could be reached, the publication said.

Xerox is under fire from Icahn to install new leadership, warning in December that the company could "turn out" like Eastman Kodak, the once dominant photography company that filed for bankruptcy several years ago. Icahn is pushing for new board members, arguing the company needs to invest in new products and research and development.

Xerox and Fujifilm, which already have a joint venture, could cut costs through a deal, the Journal noted. Shares of Xerox rose 16 cents to $30.35 on Wednesday. In the late 1990s, the stock traded as high as $160 per share.

This is a developing story .....

Aimee Picchi

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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