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Italy bourse watchdog approves Hitachi tender offer for Ansaldo -Hitachi
December 5, 2015 / 5:17 PM / 2 years ago

Italy bourse watchdog approves Hitachi tender offer for Ansaldo -Hitachi

MILAN, Dec 5 (Reuters) - Italy’s market regulator Consob has given the green light to the mandatory tender offer on rail signalling firm Ansaldo STS by Japan’s Hitachi at 9.5 euros per share, Hitachi said in a statement on Saturday.

Consob has been looking into the matter after activist investor Amber Capital asked the watchdog to decide whether Hitachi should raise its bid for Ansaldo STS.

The regulator’s chief Giuseppe Vegas said on Friday that even with the green light, Consob would reserve the right to make additional requests regarding the bid price before the mandatory offer ends.

The offer will run from Jan. 4 to Feb. 5, Hitachi said on Saturday. Ansaldo STS shares closed on Friday at 9.765 euros.

Hitachi had to launch the mandatory takeover offer following its purchase of a 40-percent stake in Ansaldo STS from Italian state-controlled defence group Finmeccanica earlier this year. (Writing by Agnieszka Flak, Editing by Crispian Balmer)

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