Hitachi to Raise Stake in Italian Railway Signal Maker
Tokyo, Oct. 30 (Jiji Press)--Hitachi Ltd. <6501> has said it will acquire an additional stake in Italian railway signal manufacturer Ansaldo STS SpA in a bid to expand its railway system business on a global scale.
The Japanese electric machinery giant will spend some 808 million euros to acquire a 31.8 pct stake in Ansaldo to increase its ownership from the current 50.8 pct to 82.6 pct.
The share acquisition from owner companies, including U.S. investment fund Elliott International LP, will be made through a private transaction on Friday, Hitachi said Monday.
The Japanese firm hopes to take full control of Ansaldo by acquiring the rest of the company's shares through a public tender offer.
In 2015, Hitachi bought Italian conglomerate Finmeccanica SpA's railway system business, including Ansaldo. It attempted to wholly own Ansaldo at the time, but gave up the plan due to failed negotiations with some shareholders.
[Copyright The Jiji Press, Ltd.]