Oct, 29 2018 19:47 JST

Source: Hitachi, Ltd.

Hitachi to Increase Stake in Ansaldo STS


TOKYO, Oct, 29 2018 - (JCN Newswire) - Hitachi, Ltd. (TSE:6501) today announced that Hitachi, Ltd. and its (indirectly) wholly owned subsidiary, Hitachi Rail Italy Investments S.r.l., have signed an agreement to acquire the 31.794 percent stake (63,588,837 ordinary shares) in Ansaldo STS S.p.A. owned by Elliott International, L.P., Elliott Associates, L.P. and The Liverpool Limited Partnership (together, Elliott) for a purchase price of Eur 12.7 per share. The acquisition will be made through a private transaction with a total value of Eur 808 million and the relevant settlement is intended to take place within four trading days following the signing of the agreement, and therefore on 2 November 2018.

Hitachi Rail Italy Investments S.r.l. is already the major shareholding of Ansaldo STS S.p.A. and, after the acquisition of the ordinary shares owned by Elliott, Hitachi Rail Italy Investments S.r.l. will hold a total stake of 82.567 percent (165,133,539 ordinary shares) in Ansaldo STS S.p.A., an Italian company whose shares are listed in the STAR segment of the Italian Electronic Stock Market (Mercato Telematico Azionario) managed by Borsa Italiana S.p.A..

Alistair Dormer, CEO of Hitachi's Railway Systems Business Units, said: "This acquisition of shares is a further key milestone towards realizing our ambition of becoming a global leader in total rail solutions."

On the date hereof, Hitachi Rail Italy Investments S.r.l. has also announced to the market, with a separate press release, the launch of a voluntary tender offer over all of the ordinary shares of Ansaldo STS S.p.A., excluding the ordinary shares of Ansaldo STS S.p.A. held, either directly or indirectly, including the shares subject to the agreement with Elliott described above, by Hitachi Rail Italy Investments S.r.l. as of the date hereof.

This press release refers to the share capital of Ansaldo STS S.p.A., with registered office in Via Paolo Mantovani 3-5, 16151, Genoa, R.E.A. No.421689, registered at the Companies' Register of Genoa, Tax Code No. 01371160662 and subject to direction and coordination of Hitachi, Ltd.


About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges, combining its operational technology, information technology, and products/systems. The company's consolidated revenues for fiscal 2017 (ended March 31, 2018) totaled 9,368.6 billion yen ($88.4 billion). The Hitachi Group is an innovation partner for the IoT era, and it has approximately 307,000 employees worldwide. Through collaborative creation with customers, Hitachi is deploying Social Innovation Business using digital technologies in a broad range of sectors, including Power/Energy, Industry/Distribution/Water, Urban Development, and Finance/Social Infrastructure/Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.


Contact:
Hitachi Ltd
Corporate Communications
Tel: +81-3-3258-1111
Source: Hitachi, Ltd.
Sectors: Daily News

Copyright ©2019 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


Hitachi Automotive Systems to Strengthen its Global Organizational Structure
March 13 2019 08:11 JST
 
Hitachi to Extend Tender Offer Period for Shares of Yungtay
March 06 2019 16:51 JST
 
SBI and Hitachi Launch Joint Venture
March 06 2019 14:38 JST
 
Hitachi Continues Partnership with Team Penske in 2019
March 05 2019 10:56 JST
 
Hitachi to Strengthen Business Structures by Integrating Five Group Companies
March 04 2019 18:15 JST
 
Hitachi Consumer Marketing and Hitachi Appliances to Form a New Company
March 01 2019 13:51 JST
 
Hitachi: New Clinical Study Tests Pharmacotherapy Selection System Aims to Improve the Impact of Diabetes Treatment
February 28 2019 07:43 JST
 
Hitachi and Hitachi Capital Received an Order for Seawater RO Desalination System
February 21 2019 12:56 JST
 
Prince of Songkla University (Thailand) and Hitachi Jointly Develop Sentiment Analysis Engine for Thai Language
February 20 2019 15:03 JST
 
Fundamental Technology to Support the Early Diagnosis of Neurodevelopmental Disorders from Brain Response at First Medication
February 11 2019 06:10 JST
 
More Press release >>

Latest Press Release


More Latest Release >>