Key Highlights

  1. Japanese media publish several articles highlighting Hitachi's issues with the Ansaldo transaction (Weekly Diamond_220717; Nikkei Business_170717; Nikkei Asian Review_170717)
  2. The OMFIF* publishes an article stressing Italy must protect minority shareholders (Lorenzo Codogno, London School of Economics and Political Science: Corporate governance is good, but enforcement is poor, 17 April 2017)
  3. Litespeed Management sends letter to Hitachi on 20 March 2017 (view in English) requesting Hitachi urgently clarify matters relating to the Ansaldo STS transaction and raising serious corporate governance concerns
  4. Elliott issues press release (view in English, Italian and Japanese) publishing Elliott’s letter to Hitachi’s Chairman of 11 January 2017 and requesting an urgent response to highlighted corporate governance concerns
  5. Glass Lewis issues report recommending shareholders vote against the proposal to bring a corporate liability action against Mr. Bivona (view report)
  6. Elliott press statement (09_01_2017) and letter to Hitachi (11_01_2017) (view English Japanese) outlines concerns regarding validity of action brought against Mr. Bivona 
  7. Letters and complaints written by independent STS director Mr. Bivona to Consob (Italian market regulator), Borsa Italiana, STS’s Collegio Sindacale (internal board of statutory auditors) and STS’s Board of Directors can be viewed here
  8. Hitachi’s internal Board presentations stating that the acquisition of Ansaldo Breda and of 40% of Ansaldo STS from Finmeccanica was a “packaged deal” and adding that if the Ansaldo STS were to be sold as a stand-alone entity it would likely fetch €12 per share can be viewed here

*Official Monetary and Financial Institutions Forum

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This website and the information contained within it (together referred to as "this website") is an information resource for shareholders in Ansaldo STS SpA ("Shareholders"). Through this website shareholders can access copies of the correspondence between Elliott Advisors (UK) Limited ("Elliott"), Elliott International LP, Liverpool Limited Partnership, Elliott Associates LP (“Elliott Funds”) and the management of each of Hitachi Ltd. (“Hitachi”) and Ansaldo STS SpA (“Ansaldo STS”), the press releases issued by Elliott in relation to the acquisition by Hitachi of its shareholdings in Ansaldo STS, the letters written by Elliott and/or the Elliott Funds to CONSOB and other information relevant to the acquisition and each of Hitachi’s and Ansaldo STS’s subsequent conduct (the "acquisition").

This website is not intended to be and is not an investment recommendation as defined by Regulation (EU) No 596/2014. No information on this website should be construed as recommending or suggesting an investment strategy or as representing any opinion as to the present or future value of any financial instrument.  The information on this website is not an offer to sell or a solicitation of an offer to buy any security, nor shall Elliott offer, sell or buy any security to or from any person through this site. 

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This website is published and maintained by Elliott Advisors (UK) Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Simon Gregory and Nicholas Barrett are the Elliott officers and employees with principal responsibility for this website. Elliott and its affiliates, officers and employees make no representations or warranties, express or implied, regarding the accuracy, reliability, completeness, suitability or other characteristics of the information and materials contained on or presented through the site. Neither Elliott, nor any of its affiliates or officers shall be liable for any direct, indirect, consequential, punitive or special losses or damages of any kind whatsoever arising from reliance on any of the content of this website.

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