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गुरुवार, सितंबर 02, 2010

Hitachi Plans IPO of Hard-Drive Unit in USA

Hitachi Ltd (6501.T) is planning an initial public offering of its hard-drive unit in the United States, possibly by year’s end, sources familiar with the situation said.

The hard-drive unit, Hitachi Global Storage Technologies (HGST), is the world's No. 3 hard drive maker and analysts said it could be valued at about $3 billion, based on its revenue over the last 12 months and the value of its main competitors, Seagate Technology Plc and Western Digital Corp .

Although an IPO is the most likely scenario, Hitachi is also considering a sale of all or part of HGST, several sources said.

Shares in Hitachi, Japan's biggest electronics conglomerate, rose 2.1 percent on the news, outperforming a steady Tokyo electrical machinery sector subindex <.IELEC.T>.

The company has also said it is targeting acquisitions in IT service providers, particularly in Europe and the United States.

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