MILAN, Oct 18 (Reuters) - Japan’s Hitachi is happy with its stake of just above 50 percent in Italian rail signalling group Ansaldo STS and is not planning any bid to increase it, the head of the Hitachi Rail unit said.
Hitachi Rail CEO Alistair Dormer said the Japanese firm was a “very long term” investor in Ansaldo STS and, as such, happy with the current shareholding structure, which did not prevent Ansaldo from cooperating with the rest of the Hitachi group.
Investment funds led by Elliott Management have engaged in a feud with Hitachi since it bought Ansaldo STS in 2016. Elliott is the second biggest shareholder in Ansaldo STS, with a 22.5 percent stake, an option to buy a further 8.8 percent.
“I’m under no pressure from Hitachi to buy anymore shares in Ansaldo STS,” Dormer told Reuters on the sidelines of an event in Milan. (Reporting by Elisa Anzolin, writing by Valentina Za, editing by Stephen Jewkes)