TOKYO (AFX) - Hitachi Ltd and Hitachi Mobile Co Ltd said they have signed a stock-for-stock exchange agreement, making Hitachi Mobile a wholly-owned subsidiary of Hitachi, a move meant to strengthen Hitachi's automotive systems business.
Hitachi now owns 64.8 pct of Hitachi Mobile, which sells automotive and mobile communication equipment, the companies said in a joint statement.
The planned stock-for-stock exchange, in which one Hitachi share will be exchanged for 1.036 Hitachi Mobile shares, will take place April 1.
As a result, Hitachi Mobile's shares will be delisted from the Tokyo Stock Exchange.
Kiyori.Ueno@xfn.com
ku/jm
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Hitachi now owns 64.8 pct of Hitachi Mobile, which sells automotive and mobile communication equipment, the companies said in a joint statement.
The planned stock-for-stock exchange, in which one Hitachi share will be exchanged for 1.036 Hitachi Mobile shares, will take place April 1.
As a result, Hitachi Mobile's shares will be delisted from the Tokyo Stock Exchange.
Kiyori.Ueno@xfn.com
ku/jm
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
