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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Hitachi, Ltd.    6501   JP3788600009

HITACHI, LTD.

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Brookfield, Temasek team up for Thyssenkrupp elevator bid -sources

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01/10/2020 | 11:10am EST
FILE PHOTO: Elevators are seen at the Thyssenkrupp headquarters in Essen

FRANKFURT/DUESSELDORF, Germany (Reuters) - Canada's Brookfield Asset Management has teamed up with Singapore state investor Temasek Holdings in the auction for Thyssenkrupp's prized 15 billion euro (12.71 billion pounds) elevator division, two people familiar with the matter said on Friday.

The tie-up creates another powerful private equity consortium for the asset, which Thyssenkrupp plans to sell or list, ahead of a Jan. 13 deadline for binding bids.

Brookfield and Temasek both declined to comment.

Thyssenkrupp, under pressure after numerous profit warnings, needs to rake in cash by selling all or part of its elevator business, the world's fourth-largest industry player and by far the group's most profitable asset.

Rival bidders for the unit include a consortium consisting of Blackstone, Carlyle and the Canadian Pension Plan Investment Board, sources previously said. Advent, Cinven [CINV.UL] and the Abu Dhabi Investment Authority have also teamed up for an offer.

Apart from Finland's Kone, which could bid together with private equity firm CVC [CVC.UL], Japan's Hitachi is also in the race, the people, who did not wish to be identified, said.

Thyssenkrupp's supervisory board will meet on Jan. 15 to discuss the auction's progress and is expected to narrow the field of bidders, with only 2-3 to be short-listed for a final round of talks, the sources said.

The group has launched a dual-track process for the division, which could result in a sale or a listing, but chances for the latter are seen dwindling as proceeds from a partial flotation might not be sufficient.

Thyssenkrupp declined to comment.

(Reporting by Christoph Steitz, Arno Schuetze and Tom Kaeckenhoff; editing by Thomas Seythal and Susan Fenton)

Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD ASSET MANAGEMENT INC. -0.08% 84.68 Delayed Quote.12.86%
HITACHI, LTD. -3.78% 4020 End-of-day quote.1.39%
KONE -1.06% 52.48 Delayed Quote.-9.95%
THE BLACKSTONE GROUP INC. -0.83% 56 Delayed Quote.0.11%
THE CARLYLE GROUP INC. 1.84% 29.82 Delayed Quote.-7.04%
THYSSENKRUPP AG -0.24% 9.25 Delayed Quote.-23.17%
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Financials (JPY)
Sales 2020 8 905 B
EBIT 2020 703 B
Net income 2020 221 B
Debt 2020 738 B
Yield 2020 2,47%
P/E ratio 2020 16,3x
P/E ratio 2021 6,90x
EV / Sales2020 0,52x
EV / Sales2021 0,49x
Capitalization 3 868 B
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Technical analysis trends HITACHI, LTD.
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Mean consensus BUY
Number of Analysts 12
Average target price 5 612,73  JPY
Last Close Price 4 003,00  JPY
Spread / Highest target 54,9%
Spread / Average Target 40,2%
Spread / Lowest Target 24,9%
EPS Revisions
Managers
NameTitle
Toshiaki Higashihara President, Chief Executive Officer & Director
Hiroaki Nakanishi Chairman
Mitsuaki Nishiyama Chief Financial Officer & Senior GM-Finance
Norihiro Suzuki CTO, Managing Executive Officer, Manager-R&D Group
George William Buckley Independent Outside Director
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