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    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 EDT

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

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
HITACHI, LTD. -0.63% 6142 End-of-day quote.51.09%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.16% 110.15 Delayed Quote.6.92%
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Financials
Sales 2022 9 530 B 86 454 M 86 454 M
Net income 2022 516 B 4 681 M 4 681 M
Net Debt 2022 1 678 B 15 226 M 15 226 M
P/E ratio 2022 11,4x
Yield 2022 1,91%
Capitalization 5 940 B 53 877 M 53 891 M
EV / Sales 2022 0,80x
EV / Sales 2023 0,73x
Nbr of Employees 350 864
Free-Float 95,7%
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Technical analysis trends HITACHI, LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Average target price 6 713,93 JPY
Last Close Price 6 142,00 JPY
Spread / Highest target 30,7%
Spread / Average Target 9,31%
Spread / Lowest Target -42,7%
EPS Revisions
Managers and Directors
NameTitle
Toshiaki Higashihara President, Chief Executive Officer & Director
Yoshihiko Kawamura Chief Financial Officer
Norihiro Suzuki Chief Technology Officer, Manager-R&D Group
Seiichiro Nukui Chief Information Officer
George William Buckley Independent Non-Executive Director
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