CONSOB stock exchange watchdog is
scrutinizing Hitachi's purchases of Ansaldo STS shares after the
Japanese group on Wednesday bought another 3.468% of the Italian
rail signalling company, taking it to within a hair's breadth of
owning 50%.
Hitachi has said it might buy other shares too to stave off
a possible takeover bid. The Japanese group contacted several
investors with stakes of under 5% and offered them 10.50 euros
per share.
That offer also applied to investors who sold a total of
6.4% of the company's capital in a public offer that concluded
last week.
Several major investors did not sign up and took legal
action, saying the initial offer of 9.50 euros per share
undervalued the company.
Hitachi bought 40% of Ansaldo STS from Italian defence and
aerospace giant Finmeccanica last year at 9.50 euros a share.
Italian prosecutors are probing alleged collusion between
Hitachi and Finmeccanica to fix the price. Finance police
searched the two companies' offices in Italy as well as those of
Ansaldo STS last week.
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