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Hitachi has signed an agreement to purchase Elliott International’s 31.794% stake in Ansaldo, for a total sum of €808m.
The agreement was signed by both Hitachi and its indirectly owned subsidiary, Hitachi Rail Italy Investments.
Ansaldo is based in Italy and primarily provides rail signalling solutions, while Elliot International is an investment management firm.
Hitachi will provide €12.7 per Ansaldo share to Elliott, while Hitachi Rail Italy Investments will hold an 82.567% stake in Ansaldo.
Hitachi Railway Systems Business Units CEO Alistair Dormer said: “This acquisition of shares is a further key milestone towards realising our ambition of becoming a global leader in total rail solutions.”
“This acquisition of shares is a further key milestone towards realising our ambition of becoming a global leader in total rail solutions.”
The acquisition has brought an end to disagreements between Hitachi and Elliott over the full control of Ansaldo, reported Reuters.
The dispute began in 2015 when Hitachi bought a majority stake in Ansaldo. Elliott, a minority stakeholder, has been raising complaints about the price offered by Hitachi, Ansaldo’s strategy and governance.
Hitachi could invest as much as €1.25bn to become the single owner of Ansaldo.
The company is expected to launch a bid to buy the remaining shares in Ansaldo with the intention of delisting it.
Hitachi is a Japanese multinational conglomerate company, which uses its operational technology, information technology and products/systems to serve its customers.
The post Hitachi to acquire Elliott’s stake in Ansaldo for €808m appeared first on Railway Technology.
This article first appeared on www.railway-technology.com
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