Ansaldo STS sees Elliott build 5.2% stake; may have implications for public offer pricing
Elliott, the investment fund, has built up a 5.2% stake in Ansaldo STS [BIT:STS], the Italian railway signalling manufacturer, the Italian language Carlo Festa blog reported on 19 December.
The unsourced article said the stake build-up could have implications for the pricing of the public offer being launched by the Japanese industrial group Hitachi [TYO:6501] on Ansaldo.
The report noted Elliott is close to Bluebell, another investment fund holding a stake in Ansaldo that has challenged the pricing of the public offer on the grounds that it is too low.
The EUR 9.5 per share public offer for Ansaldo has already been cleared by Consob, Italy's securities regulator and launches on 4 January. However, the item added that Consob has reserved the right to make a ruling on the fairness of its IPO process up to 5 February, the day after the public offer ends.
As previously reported, the public offer is for the 60% of the stock that Hitachi does not own. The maximum cost of the public offer would be EUR 1.1bn.
Carlo Festa Blog