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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Hitachi Metals, Ltd.    5486   JP3786200000

HITACHI METALS, LTD.

(5486)
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Apollo, Carlyle, Bain are among bidders for planned Hitachi Metals sale: sources

11/20/2020 | 05:47am EST

TOKYO (Reuters) - Apollo Global Management, Carlyle Group, KKR & Co and Bain Capital are among potential bidders for Japan's Hitachi Metals Ltd, people with knowledge of the matter said, a deal that could fetch more than $6.4 billion.

Reuters previously reported that parent company Hitachi Ltd has been planning to sell its 53% stake in the unit, which makes components for cars and industrial equipment, as it streamlines its operations.

Hitachi said on Friday "no formal decision has been made" with regards to the reported sale of Hitachi Metals, adding that the firm was considering "the enhancement of its corporate value".

Initial bidding will be closed by the end of this month, said one of the sources, all of whom spoke on condition of anonymity as the bidding is not public.

Representatives for Carlyle, Bain Capital and KKR all declined to comment. Representatives for Apollo Global Management were not available for comment.

Hitachi Metals shares rose almost 10% on Friday, after the Nikkei business daily initially reported KKR and Bain Capital were among the bidders.

The deal would be the latest by private equity in Japan this year. This week KKR agreed to buy a majority stake in Japanese supermarket chain Seiyu with an e-commerce company Rakuten for over $1 billion.

Minority shareholders in the Hitachi unit are expected to sell their stakes to a winning bidder and the company would eventually be delisted, according to the previous Reuters report.

Hitachi Metals has a market value of about 660 billion yen ($6.4 billion) based on Friday's close. A buyout would likely exceed that, given that a premium would be expected.

Reuters also previously reported Hitachi had retained Goldman Sachs Group to advise on the sale, while Hitachi Metals has hired Bank of America.

($1 = 103.8000 yen)

(Reporting by Junko Fujita, additional reporting by Makiko Yamazaki; Editing by Ana Nicolaci da Costa)

By Junko Fujita


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. 0.02% 43.87 Delayed Quote.-8.05%
BANK OF AMERICA CORPORATION -0.14% 28.99 Delayed Quote.-17.58%
HITACHI METALS, LTD. 0.07% 1536 End-of-day quote.-4.77%
HITACHI, LTD. 1.50% 4063 End-of-day quote.-12.17%
KKR & CO. INC. -0.41% 38.71 Delayed Quote.32.70%
NIKKEI 225 0.40% 26644.71 Real-time Quote.12.18%
RAKUTEN, INC. 3.29% 1162 End-of-day quote.24.28%
THE CARLYLE GROUP INC. -0.49% 28.63 Delayed Quote.-10.75%
THE GOLDMAN SACHS GROUP, INC. -0.48% 235.4 Delayed Quote.2.87%
All news about HITACHI METALS, LTD.
11/20APOLLO, CARLYLE, BAIN ARE AMONG BIDD : sources
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10/28Hitachi's 1st-half operating profit sags 39%, raises outlook on China
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10/27HITACHI METALS : Japan's Hitachi Metals to cut about 3,200 employees
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10/23Hitachi mulls selling half of its stake in machinery subsidiary
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09/29Hitachi plans to sell Hitachi Metals in a deal worth over $6 bln - sources
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09/29HITACHI METALS, LTD. : Ex-dividend day for interim dividend
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07/28HITACHI METALS : Consolidated Financial Report For the 3-month period ended June..
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More news
Financials
Sales 2021 725 B 6 970 M 6 970 M
Net income 2021 -42 932 M -413 M -413 M
Net Debt 2021 134 B 1 290 M 1 290 M
P/E ratio 2021 -15,3x
Yield 2021 1,69%
Capitalization 657 B 6 299 M 6 314 M
EV / Sales 2021 1,09x
EV / Sales 2022 0,95x
Nbr of Employees 29 805
Free-Float 46,1%
Chart HITACHI METALS, LTD.
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Hitachi Metals, Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends HITACHI METALS, LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 1 354,29 JPY
Last Close Price 1 536,00 JPY
Spread / Highest target 4,17%
Spread / Average Target -11,8%
Spread / Lowest Target -29,7%
EPS Revisions
Managers
NameTitle
Mitsuaki Nishiyama Co-Chairman, CEO & Executive President
Kenichi Nishiie Co-Chairman
Hiroaki Nishioka Chief Financial Officer & Head-Administration
Kazuya Murakami Managing Executive Officer, General Manager-R&D
Ryoichi Aida Chief Quality Officer & Head-Technology
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