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Hitachi unit joins race to acquire Polish car-leasing company


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Hitachi unit joins race to acquire Polish car-leasing company

Hitachi Capital Polska Sp. z o.o. announced a takeover bid for Polish leasing and vehicle fleet operator Prime Car Management SA.

Hitachi's Polish leasing unit wants to purchase all 11,908,840 shares of PCM from its shareholders and offered to pay 12.09 zlotys per each share.

The offer will run from Jan. 18 until Feb. 18. Hitachi Capital will go ahead with the acquisition if at least 66% of PCM shares are presented for purchase, but could forgo that condition, according to Santander Bank Polska's brokerage unit, which is acting as an intermediary in the transaction.

PKO Bank Polski SA unit PKO Leasing SA also launched a takeover bid for Prime Car Management in November 2018, offering to pay 11.38 zlotys per share. However, PCM, which is listed on the Warsaw Stock Exchange, said Dec. 28 that its management believes the price offered by PKO Leasing does not reflect the fair value of the company.

As of Dec. 28, US$1 was equivalent to 3.76 Polish zlotys.