Ansaldo board approves Hitachi takeover bid

(AGI) Rome, Dec 31 - Directors of Italian transportation company Ansaldo STS gave the go ahead on Thursday to a takeover bid from Hitachi. However, the board did not agree on the proposed price of 9.50 euros per share. The company said the board "has approved the press release relating to the mandatory full takeover bid proposed by Hitachi Rail Italy Investments Srl", but "with regard to the evaluation of the fairness of the fee of 9.50 euros for each ordinary share of the company tendered in the offer, the required majority was not reached". The statement continued "the fact that the board of directors has not reached a majority to comment on the fairness of the offer price, does not impede the performance of the offer". Independent directors Giovanni Cavallini, Giulio Gallazzi, Paola Giannotti and Bruno Pavesi thought the price "not reasonable". Independent directors Mario Garraffo and Alessandra Piccinino "felt that the fee was from a financial standpoint, within a range of fairness. Vice Chairman Karen Boswell and CEO Stefano Siragusa, felt that the fee was fair from a financial point of view. Chairman Alistair Dormer abstained, having participated in the negotiations with Finmeccanica for the definition of the operation in the context ... the offer was made." (AGI) . .