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Hitachi bids for Italian Finmeccanica train making, rail signal assets

Hitachi bids for Italian Finmeccanica train making, rail signal assets

TOKYO: Hitachi Limited senior executive confirmed the company has bid for Italian conglomerate Finmeccanica’s train making and rail signal assets.

Finmeccanica is selling its loss making, train making unit AnsaldoBreda along with its 40 percent stake in rail signaling company Ansdaldo STS and said last month that Hitachi had made an offer.

Hitachi has bid for both businesses as a package, Chief Operating Officer Toshiaki Higashihara told on Wednesday. He declined to comment on details such as price although the offer was likely worth around $1.7 billion.

Finmeccanica said on Tuesday it had received an offer from the Chinese group Insigma for AnsaldoBreda.