Hitachi makes $5 billion offer for full control of industrial gear unit

TOKYO (Reuters) – Hitachi Ltd (T:) said on Friday it would spend 531.1 billion yen ($4.84 billion) to take full control of industrial equipment unit Hitachi High-Technologies (T:) through a tender offer.

The Japanese industrial conglomerate is realigning its group portfolio as the government has pointed to corporate governance issues regarding dual listings of parents and subsidiaries.

Hitachi will offer 8,000 yen a share for the firm, in which it now owns a stake of 51.73%. Shares of Hitachi High-Technologies closed at 7,920 yen on Friday before the news.

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