Hitachi’s long-awaited takeover of Ansaldo’s rail business was today (November 2) confirmed.
Under the agreement, details of which were revealed earlier this year, Japanese engineering giant Hitachi has purchased the Italian business AnsaldoBreda S.p.A, with the exclusion of some revamping activities and certain residual contracts, from Finmeccanica for a total of around €30 million, including real estate assets.
At the same time, Hitachi has also acquired Finmeccanica’s 40 per cent stake in the Ansaldo STS signalling business for €9.50 per share, valuing the purchase at €761 million. Hitachi will now issue an offer to purchase the remaining 60 per cent from other shareholders.
Alistair Dormer, chief executive of Hitachi’s global rail business, said: “With these acquisitions Hitachi will strengthen its position in signalling and traffic management systems, expand turnkey operations and enlarge its portfolio with world-class products.
“The combination of Ansaldo and Hitachi’s complementary portfolios will also deliver a unique opportunity to pursue untapped growth potential in new markets.”
Mauro Moretti, general manager of Finmeccanica, added: “This is a key step in the execution of our Industrial Plan, aimed at focussing and strengthening the group in the core business and at delivering on our economic and financial objectives.
“I am sure both AnsaldoBreda and Ansaldo STS will play a key role in the future development of Hitachi Rail business worldwide.”
