Tokyo, Aug 5, 2009 (JCN) - Hitachi plans to absorb five listed units, as the loss-making conglomerate tries to pool its sprawling resources to turn a profit. The news and hope that this would prelude further consolidation lifted shares of the Japanese maker of industrial electronics along with its subsidiaries.
Hitachi will launch tender offers as early as next month to buy the shares it doesn't already own in Hitachi Maxell, Hitachi Plant Technologies Ltd., Hitachi Information Systems Ltd., Hitachi Software Engineering Co. and Hitachi Systems & Services Ltd. The move could cost Hitachi up to 300 billion yen (US$3.2 billion), including a premium on the units' share price.
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