Ansaldo Sts travels in red to Piazza Affari on the last day available to adhere to the tender offer launched by Hitachi Rail at 9,68 euros. However, the Tar's ruling is pending on the offer in relation to the Consob provision which required the price to be raised to 9,899 euros.
In the middle of the day, the Ansaldo stock dropped 2%, to 9,98 euros, but today's movement does not seem to represent a change with respect to the overall orientation of the operators, who are not inclined to adhere to the Japanese takeover bid.
At the close of the Stock Exchange on Friday, only 6,44 million shares had been tendered out of the 119,8 million offered, or just over 5%.
However, the attention of operators is focused on Tuesday's appointment, when the Lazio Regional Administrative Court will rule on the suspension of the Consob provision which imposed the increase in the price of the takeover bid.
Yet, according to some traders, in the light of the lack of adherence to the offer and the strengthening of international funds in the capital of Sts, the outcome of the Hitachi-Consob tug of war at the Tar will change the current picture on Ansaldo's reorganization slightly.
The real issue would concern what will happen after the tender offer, given that with the current numbers Hitachi should not be able to proceed with the delisting of the title, not even through the merger of Ansaldo with the vehicle launching the tender offer.
