March 24, 2016 / 1:25 PM / 3 years ago

Hitachi buys shares in Ansaldo STS to raise stake to over 50 percent

A shopper rides an escalator past a logo of Hitachi Corp at an electronics retail store in Tokyo February 3, 2014. REUTERS/Yuya Shino

MILAN (Reuters) - Hitachi (6501.T) has bought further shares in Ansaldo STS STS.MI securing a total of just over 50 percent in the company, a source close to the matter told Reuters on Thursday.

The Japanese conglomerate now has de facto control over the rail signaling company’s ordinary administration.

On Wednesday Hitachi said it had bought shares from minority investors to take it from 46.5 per cent to just under 50 per cent of total Ansaldo STS capital.

U.S investment fund Elliott, second-biggest shareholder with a position of 29 per cent, could potentially constitute a blocking minority at extraordinary shareholder meetings.

Reporting by Giulia Segreti

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