Feb. 24, 2015, 10:00 AM
- 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)
Jul. 20, 2012, 8:54 AM
Siemens is poised to bid €1.3B ($1.6B) to buy electricity turbines company Ansaldo Energia from Italian group Finmeccanica (FINMF.PK) and U.S. fund First Reserve, Reuters reports. Although Ansaldo is small, "Siemens will get access to those markets where it is not present," says a London-based analyst.| Jul. 20, 2012, 8:54 AM