What is Elliott doing?

Elliott is pursuing multiple paths to ensure Hitachi acts in the best interests of all shareholders:  

  • Elliott wrote letters to Hitachi on November 6th 2015 and on January 11th 2017 in an effort to engage in constructive dialogue; both remain unanswered  - EAUK letter to Hitachi (061115) and EAUK letter to Hitachi in English (110117) and Japanese (110117)).

  • Elliott presented a slate of alternative directors at the most recent AGM on May 13th 2015 (view Minutes of AGM) and from which slate 3 individuals were elected as directors. The slate of alternative directors proposed by Elliott received near unanimous support from minority shareholders (i.e. from all shareholders other than Hitachi).  Elliott trusts these Board Members to carry out an essential work overseeing Hitachi’s actions to ensure those are taken in the interests of all shareholders. 

  • Elliott has written a number of letters to the body of Statutory Auditors of STS ("Collegio Sindacale") asking to investigate and/or clarify a number of matters affecting the corporate governance of STS and the good functioning of the business.  The requests were made in relation to a wide range of topics including possible conflicts of interests of certain directors of STS to the independence requirements of others; the creation and composition of the company’s board committees (i.e. related parties committee, control and risk committee and bid committee); the appointment of Mr. Barr as CEO of STS; the termination of the employment relationship with STS’s CFO, and the resignation of STS’s external auditors (view EAUK letters to the Collegio Sindacale dated 9th April 2016 and 23rd November 2016 and to both the Collegio Sindacale and CONSOB dated 14th June 2016).

  • Various court proceedings are being brought against Hitachi in Italy by a number of minority shareholders (including Elliott):
    • At TAR ("Tribunale Amministrativo Regionale"), Amber, Bluebell and Elliott are claiming collusion to be much greater than EUR 32 million (or EUR 40 cents per share) as determined by CONSOB and asking for the annulment of CONSOB’s ruling;
    • At the Civil Court of Genoa there is an ongoing lawsuit between Elliott and Hitachi in which Elliott is seeking, amongst other things (i) the annulment of the deliberations made at STS’ shareholders’ Annual General Meeting (13th May 2016) with the favourable votes of Hitachi, including the appointment of a new board of directors at STS, and (ii) the freezing of Hitachi’s voting rights in Ansaldo STS.
  • Elliott has written several letters to CONSOB, repeatedly asking the market watchdog to investigate certain actions by Hitachi, which in Elliott’s opinion involved both dubious corporate governance practices as well as an aggressive interpretation of financial market rules (view EAUK letters to CONSOB dated 30th October 2015, 14th June 2016 and 21st July 2016). 


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. 

This website exclusively represents the opinions, interpretations and estimates of Elliott in relation to the acquisition. Elliott is expressing those opinions solely in its capacity as an investment advisor to the Elliott Funds. Those funds hold an aggregate long position in Ansaldo STS in excess of 31.3%.  As a result of its arrangements with the Elliott Funds, Elliott has a financial interest in the profitability of the Elliott Funds' positions in Ansaldo STS. 

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.

Neither Hitachi or Ansaldo STS have approved nor have any responsibility for this website or its contents. This website was last updated on 22 August 2017. Elliott does not intend to update this website on a regular basis, but may from time to time add additional information as it becomes available.