Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Elliott says won't tender Ansaldo STS stake in Hitachi bid

Published 02/15/2016, 02:51 AM
Updated 02/15/2016, 03:10 AM
© Reuters. A shopper rides an escalator past a logo of Hitachi Corp at an electronics retail store in Tokyo

MILAN (Reuters) - U.S. investment fund Elliott said on Monday it still considers Hitachi's revised offer to buy out minority shareholders in Italian train signaling group Ansaldo STS (MI:STS) too low and does not plan to tender its stake.

Hitachi was forced by Italian market watchdog Consob to raise its mandatory public tender offer on the company's minorities to 9.899 euros per share from 9.5 euros per share. It launched the bid last month after buying 40 percent of Ansaldo STS from defense group Finmeccanica (MI:SIFI).

Elliott said it owned 10.7 percent of Ansaldo STS and would not tender that stake. Its overall long position in the Italian company gives it a potential stake of 19.5 percent.

The mandatory offer ends on Friday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.