According to Bloomberg, Hermes Focus Asset Managment is the second shareholder to resist the deal, following on from Orbis Fund Management, which owns around 10% of the business, which said in November that it would not sell its equity at the current price offered by Canon.

The latest hurdle for the acquisition arrives a day after Océ announced it made a net loss of €23m (£20.7m) for the fourth quarter of 2009, compared to a €1m profit in the previous year. It also revealed that it was to scrap its dividend for 2009.

Opposition by Hermes Focus Asset Management, which holds a 3.3% shareholding in Océ, could come as a surprise to those involved in a deal that looked to be moving a step closer at the end of last year.

Canon won approval from European Union competition regulators over the acquisition, which included a €730m (£655m) cash offer for Océ with a view to creating "the number one presence" in the digital market.

However, speaking to Bloomberg, Canon spokesman Ichisei Hanada said the company believed it was offering "an adequate price".

He added: "There’s no change to our plan to start the offer by March 31, he said. Canon hasn’t received letters from investors similar to those from Hermes and Orbis."