<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=hitachi">Hitachi </a>has bought more shares in Ansaldo STS to take its overall stake in the Italian-based rail signalling group to just under 50 percent as it strengthens its grip in a growing row with minority shareholders.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=hitachi">Hitachi </a>has bought more shares in Ansaldo STS to take its overall stake in the Italian-based rail signalling group to just under 50 percent as it strengthens its grip in a growing row with minority shareholders.
In a statement on Wednesday the <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=japan">Japanese conglomerate </a>said it had bought a further 6.94 million shares at 10.5 euros each to boost its 46.5 percent stake, adding it could buy more.
&#8220;Hitachi wants to go over 50 percent to fully control the company,&#8221; a source close to the matter said.
Ansaldo STS is a profitable asset which gives Hitachi an important foothold in continental Europe and would allow it to sell combined carriages and signalling packages.
The Japanese group bought a 40 percent stake in Ansaldo STS last year at 9.50 euros per share from state-controlled defence company Finmeccanica and launched a mandatory public offer to buy out minority shareholders at the same price in January.
However, its bid on minorities faced opposition from investment funds that are among AnsaldoSTS shareholders and argued the price had been kept artificially low. Some said 15 euros per share would be a fairer price.
In the end Hitachi later raised its offer to 9.68 euros per share but only a handful of shareholders &#8211; representing 6.5 percent of Ansaldo STS&#8216;s capital &#8211; tendered their shares.
In a statement on Wednesday, Hitachi said those investors would get an extra amount of 0.82 euros per share, bringing them to the 10.5 euros per share level. It was not immediately clear whether that offer may have to be extended to other Ansaldo STS&#8216;s shareholders even if they did not tender their shares.
A source close to the matter said market regulator Consob was looking at the operation to assess what to do.
&#8220;In Italian law it&#8217;s clear the best-price rule only applies to investors who have subscribed to the offer&#8230; but this is a very complex situation,&#8221; a Milan-based lawyer said.
Hitachi had intended to delist Ansaldo STS after its bid and fold it into its operations to achieve synergies, but to do that it would need to hold more than 90 percent of Ansaldo&#8216;s shares.
U.S. investment fund Elliott recently raised its position in Ansaldo STS to just under 29 percent, allowing it to veto any extraordinary operations proposed in shareholding meetings.
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<h4 style="text-align: justify;">Reuters</h4>

Hitachi has bought more shares in Ansaldo STS to take its overall stake in the Italian-based rail signalling group to just under 50 percent.

Hitachi ups ante in Italy's Ansaldo by buying more shares

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Hitachi ups ante in Italy's Ansaldo by buying more shares

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