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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