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Hitachi to buy Finmeccanica train, signalling units

Feb. 24, 2015 10:00 AM ETHitachi, Ltd. (HTHIY) StockFINMF, FINMY, HTHIF, HTHIYBy: Yoel Minkoff, SA News Editor
  • Further expanding its transportation business overseas, Hitachi (OTCPK:HTHIY -1.7%) has agreed to pay $1B for two units from Finmeccanica (OTCPK:FINMY -2.7%), which is looking to concentrate on its core aerospace and defense businesses.
  • Hitachi will pay €773M ($876.1M) for Finmeccanica’s 40% stake in rail signaling operator Ansaldo and €36M for its unprofitable train manufacturer AnsaldoBreda.
  • Following the closing of the deal, Hitachi will launch a mandatory tender offer on Ansaldo’s publicly traded shares, potentially boosting its total payout to as much as $2.5B.
  • Previously: Hitachi confirms bid for Finmeccanica train-making, signal assets (Dec. 17 2014)

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