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    6501   JP3788600009

HITACHI, LTD.

(6501)
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Hitachi agrees to buy Elliott's stake in Italy's Ansaldo STS, ending feud

10/29/2018 | 08:11am EDT
A logo of Hitachi Ltd. is pictured at the CEATEC JAPAN 2017 in Chiba

MILAN (Reuters) - Hitachi has wrapped up a bitter feud with U.S. activist investor Elliott over Ansaldo STS, agreeing to buy the fund's stake in the Italian rail signaling group as part of a move to take full control.

The Japanese conglomerate could spend as much as 1.25 billion euros to become the sole owner of Ansaldo STS, which it said would have a leading role to play in growing its rail business, including through acquisitions.

Hitachi and investment funds led by Elliott have been rowing since the Japanese company took a majority stake in Ansaldo STS in 2015, with Elliott - which holds a minority stake - complaining about the price paid by Hitachi as well as Ansaldo's strategy and governance.

Under the deal announced on Monday, Hitachi will pay a premium of 9.5 percent to buy Elliott's 31.79 percent stake in Ansaldo STS, costing it around 807.6 million euros ($920 million).

It will then launch a bid for the rest of Italian company with the aim of delisting it.

Hitachi will buy Elliott's shares in Ansaldo STS at 12.70 euros. The mandatory bid on residual shares will then be launched at the same price.

Ansaldo STS shares rose more than 9 percent to a session high of 12.68 euros, matching the offer price.

Owned by U.S. hedge fund manager Paul Singer, Elliott is an outspoken investor in many European and U.S. companies.

In 2015 Elliott refused to sell its Ansaldo STS shares to Hitachi in a previous public offer on the Italian company, judging the 9.50 euro per share price offered then too low.

The railway industry was shaken last year when Alstom and Siemens announced a plan to merge their rail units into a Franco-German champion to stave off competition from bigger Chinese rival China Railway Rolling Stock Corporation and Canada's Bombardier Transportation.

($1 = 0.8776 euros)

(Reporting by Francesca Landini, writing by Giulio Piovaccari, editing by Stephen Jewkes; Editing by Giulia Segreti, Edmund Blair and Kirsten Donovan)


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
ALSTOM 1.01% 42.93 Real-time Quote.-7.90%
ANSALDO STS 0.00%End-of-day quote.-0.16%
HITACHI, LTD. -0.48% 6158 End-of-day quote.51.49%
JUST GROUP PLC -3.45% 92.3 Delayed Quote.36.77%
SIEMENS AG -1.18% 135.24 Delayed Quote.16.46%
WILL GROUP, INC. -0.20% 998 End-of-day quote.-0.80%
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Financials
Sales 2022 9 531 B 85 959 M 85 959 M
Net income 2022 523 B 4 716 M 4 716 M
Net Debt 2022 1 678 B 15 137 M 15 137 M
P/E ratio 2022 11,3x
Yield 2022 1,91%
Capitalization 5 956 B 53 725 M 53 716 M
EV / Sales 2022 0,80x
EV / Sales 2023 0,73x
Nbr of Employees 350 864
Free-Float 95,7%
Chart HITACHI, LTD.
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Hitachi, Ltd. Technical Analysis Chart | MarketScreener
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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
Last Close Price 6 158,00 JPY
Average target price 6 749,64 JPY
Spread / Average Target 9,61%
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
Sector and Competitors
1st jan.Capitalization (M$)
HITACHI, LTD.51.49%53 992
BERKSHIRE HATHAWAY INC.20.43%628 414
HONEYWELL INTERNATIONAL INC.0.92%149 093
SIEMENS AG16.46%130 627
GENERAL ELECTRIC COMPANY19.91%113 683
3M COMPANY10.05%111 506