The transaction will take Hitachi’s shareholding in Ansaldo STS to 82.6% and the company will now launch a voluntary tender offer at the same price for the remaining 17.4% of the shares. Once secured, Hitachi plans to delist the company.

Elliott rejected Ansaldo STS’ offer to buy its stake in the Italian company in 2015, judging the €9.50 share offer as too low, thus frustrating the Japanese firm’s desire to take full control. The two companies have since been at loggerheads, with Elliott complaining about Ansaldo STS’s strategy and governance since the Hitachi takeover.

Ansaldo STS independent and non-executive directors selected by Elliot in May 2016, Ms Rosa Cipriotti, Mr Michele Alberto Fabiano Crisostomo and Mr Fabio Labruna, have confirmed that they will resign from the company on November 2.