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

HITACHI, LTD.

(6501)
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Elliott boosts stake in Hitachi Kokusai to over 6 percent - filing

09/19/2017 | 07:17am EST

TOKYO (Reuters) - U.S. hedge fund Elliott Management Corp raised its stake in Hitachi Kokusai Electric (>> Hitachi Kokusai Electric Inc) to just over 6 percent, a government filing showed, piling up pressure on KKR & Co LP (>> KKR & Co. L.P.) that has been trying to buy out the Japanese firm.

TOKYO (Reuters) - U.S. hedge fund Elliott Management Corp raised its stake in Hitachi Kokusai Electric (>> Hitachi Kokusai Electric Inc) to just over 6 percent, a government filing showed, piling up pressure on KKR & Co LP (>> KKR & Co. L.P.) that has been trying to buy out the Japanese firm.

Elliott, a $33 billion (£24.42 billion) multi-strategy hedge fund with an aggressive activist shareholder arm, is known for buying stakes in companies that are in the middle of a takeover and forcing a better deal for shareholders.

Only last week, it said it had a more than 5 percent stake in Hitachi Kokusai. According to the latest filing, Elliott now owns 6.1 percent.

U.S. buyout firm KKR agreed in April to buy the chip-making equipment and video solutions business from Hitachi Ltd (>> Hitachi, Ltd.) in a deal valuing the unit at about $2.3 billion.

But the deal was put on hold last month after a third-party committee said the terms could be disadvantageous to minority shareholders.

Hitachi Kokusai shares closed at 2,974 yen on Tuesday, 18.8 percent higher than KKR's offer price of 2,503 yen ($22.42).

(This version of the story refiles to correct spelling of Elliott in headline)

(Reporting by Junko Fujita; Editing by Himani Sarkar)

Stocks treated in this article : KKR & Co. L.P., Hitachi, Ltd., Hitachi Kokusai Electric Inc

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
HITACHI, LTD. -0.03% 3962 End-of-day quote.-14.35%
LINE CORPORATION 0.19% 5380 End-of-day quote.0.56%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.04% 104.57 Delayed Quote.-4.48%
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Financials
Sales 2021 8 060 B 77 082 M 77 082 M
Net income 2021 363 B 3 470 M 3 470 M
Net Debt 2021 1 590 B 15 202 M 15 202 M
P/E ratio 2021 10,4x
Yield 2021 2,41%
Capitalization 3 831 B 36 654 M 36 633 M
EV / Sales 2021 0,67x
EV / Sales 2022 0,59x
Nbr of Employees 301 056
Free-Float 95,6%
Chart HITACHI, LTD.
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Technical analysis trends HITACHI, LTD.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 4 709,29 JPY
Last Close Price 3 962,00 JPY
Spread / Highest target 46,4%
Spread / Average Target 18,9%
Spread / Lowest Target -19,2%
EPS Revisions
Managers
NameTitle
Toshiaki Higashihara President, Chief Executive Officer & Director
Hiroaki Nakanishi Chairman
Norihiro Suzuki CTO, Managing Executive Officer, Manager-R&D Group
George William Buckley Independent Non-Executive Director
Harufumi Mochizuki Independent Outside Director
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