United States investment fund
Elliott said Monday that it will not tender its shares for
Hitachi's proposed takeover of Italian train signalling group
Ansaldo STS as it considers the price to be too low. In January
Hitachi launched a 9.50 euros per share offer for Ansaldo STS
after buying 40% of it from Italian defence and aerospace giant
Finmeccanica for that price last year. "Elliott announced today
that it believes Hitachi Rail Italy Investment's EUR 9.50 per
share offer for STS significantly undervalues the company and
therefore intends not to tender its share," a statement read.
"Elliott believes the combination of STS and Hitachi Rail's
complementary geographical exposures, product portfolios and
competencies will create a leading integrated player in the
global rail market, able to compete for larger contracts,
increase operational efficiencies and leverage cross selling
opportunities leading to higher market shares across
geographies".
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