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An Italian court rejected appeals filed by Leonardo and Hitachi against a decision by market regulator Consob to force the Japanese conglomerate to raise its offer for Ansaldo STS, two separate rulings said on Monday. In 2016, Consob said Hitachi had to raise its offer to 9.899 euros (8.58 pounds) per share from 9.5 euros when it launched a mandatory public offer to buy out Ansaldo STS minority shareholders. Hitachi had to launch the offer after first buying a 40 percent stake in the rail signalling company from state-controlled defence group Finmeccanica, now Leonardo.
Hitachi has wrapped up a bitter feud with U.S. activist investor Elliott over Ansaldo STS (STS.MI), agreeing to buy the fund's stake in the Italian rail signalling group as part of a move to take full control. The Japanese conglomerate could spend as much as 1.25 billion euros to become the sole owner of Ansaldo STS, which it said would have a leading role to play in growing its rail business, including through acquisitions. Hitachi and investment funds led by Elliott have been rowing since the Japanese company took a majority stake in Ansaldo STS in 2015, with Elliott - which holds a minority stake - complaining about the price paid by Hitachi as well as Ansaldo's strategy and governance.
Oct 9 (Reuters) - Ansaldo STS SpA: * SAYS ITS UNIT AWARDED MAJOR RAILWAY SIGNALLING PROJECT IN MALAYSIA * SAYS CONTRACT FOR ANSALDO STS PORTION IS WORTH APPROX. MYR 264 MILLION, APPROX. EUR 55 MILLION ...
In June 2018, Ansaldo STS SpA (BIT:STS) announced its earnings update. Overall, the consensus outlook from analysts appear fairly confident, with earnings expected to grow by 38.1% in the upcomingRead More...