Hitachi plans to increase its holdings in five listed companies, up to 100%, by spending Y300bn on TOB. Five subsidiaries are Hitachi Maxell (6810), Hitachi Plant Tech (1970), Hitachi Info Sys (9741), Hitachi Software Eng (9694) and Hitachi System and Service (3735).
Hitachi reported $8bn net loss in FY3/09, a record for Japanese manufacturer, and is accelerating the group restructuring; but still holds 16 listed subsidiaries (incl. above) of its 943 consolidated companies.
Parent-child listing is a notorious Japanese system, and given the inefficiency under the economic slowdown and some changes they are going to face in the new accounting standards, there might be some other groups to follow Hitachi’s strategy. –A change, not from a corporate governance point of view though..
