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Offer Document Mandatory Tender Offer Pursuant to Articles 102 and 106, Paragraph 1-Bis, of Legislative Decree No

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Offer Document Mandatory Tender Offer Pursuant to Articles 102 and 106, Paragraph 1-Bis, of Legislative Decree No OFFER DOCUMENT MANDATORY TENDER OFFER PURSUANT TO ARTICLES 102 AND 106, PARAGRAPH 1-BIS, OF LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998, AS SUBSEQUENTLY AMENDED AND SUPPLEMENTED INVOLVING ORDINARY SHARES OF ISSUER “Ansaldo STS S.p.A.” OFFEROR “Hitachi Rail Italy Investments S.r.l.” NUMBER OF SHARES BEING OFFERED No. 119,868,919 ordinary shares of Ansaldo STS S.p.A. CONSIDERATION PER SHARE OF ANSALDO STS S.P.A. Euro 9.50 per share OFFER PERIOD AGREED WITH BORSA ITALIANA S.P.A. The Offer Period, as agreed with Borsa Italiana S.p.A., will start from 8:30 a.m. (Italian time) on 4 January 2016 inclusive, until 5:30 p.m. (Italian time) on 5 February 2016 inclusive, unless extended PAYMENT DATE 12 February 2016, unless extended FINANCIAL ADVISORS TO THE OFFEROR INTERMEDIARY RESPONSIBLE FOR COORDINATING THE COLLECTION OF OFFER SUBSCRIPTIONS GLOBAL INFORMATION AGENT The approval of the Offer Document, occurred with resolution No. 19457 dated December 5, 2015 implies no opinion from CONSOB on the advisability of subscription and on the merits of the information and data contained in this document December 2015 Note to the English version of the Offer Document: the Italian version of the Offer Document is the only document approved by CONSOB with resolution number 19457 of December 5, 2015 1 TABLE OF CONTENTS LIST OF THE MAIN DEFINITIONS .............................................................................................................. 5 INTRODUCTION ........................................................................................................................................ 11 1. DESCRIPTION OF THE OFFER ................................................................................................ 11 1.1 Features of the Offer......................................................................................................... 11 1.2 Legal basis of the Offer..................................................................................................... 12 1.3 Offer Consideration and Maximum Amount...................................................................... 13 1.4 Rationale for the Offer and future plans of the Offeror ..................................................... 14 1.5 Shareholders’ agreements................................................................................................ 14 1.6 Markets where the Offer is being launched ...................................................................... 16 1.7 Table of the main events relating to the Offer................................................................... 17 A. WARNINGS ........................................................................................................................................... 21 A.1 CONDITIONS FOR THE EFFECTIVENESS OF THE OFFER................................................... 21 A.2 INFORMATION RELATING TO THE FINANCING OF THE OFFER ......................................... 21 A.2.1 Financing of the Acquisition .............................................................................................. 21 A.2.2 Financing of the Offer........................................................................................................ 21 A.2.3 Main terms and conditions of the intragroup financing for the Acquisition and the Offer .................................................................................................................................. 21 A.2.4 Performance Guarantees.................................................................................................. 22 A.3 RELATED PARTIES ................................................................................................................... 22 A.4 RATIONALE FOR THE OFFER AND FUTURE PLANS OF THE OFFEROR............................ 22 A.5 COMMUNICATIONS AND AUTHORIZATIONS FOR THE OFFER ........................................... 24 A.6 DECLARATION OF THE OFFEROR ON THE POSSIBLE RESTORATION OF THE FLOATING SHARES AND THE OBLIGATION TO PURCHASE PURSUANT TO ARTICLE 108, PARAGRAPH 2, OF THE TUF............................................................................................ 24 A.7 DECLARATIONS OF THE OFFEROR ON THE OBLIGATION TO PURCHASE PURSUANT TO ARTICLE 108, PARAGRAPH 1, OF THE TUF AND THE RIGHT TO PURCHASE PURSUANT TO ARTICLE 111 OF THE TUF........................................................ 25 A.8 POSSIBLE CONFLICTS OF INTEREST BETWEEN THE PARTIES INVOLVED IN THE TRANSACTION........................................................................................................................... 25 A.9 POSSIBLE ALTERNATIVE SCENARIOS FOR THE SHAREHOLDERS................................... 26 A.9.1 Tendering in the Offer, also during the possible Re-opening of the Offer Period............. 26 A.9.2 Failure to tender in the Offer, also during the possible Re-opening of the Offer Period... 27 A.10 OPINION OF THE INDEPENDENT DIRECTORS...................................................................... 28 A.11 ISSUER’S STATEMENT ............................................................................................................. 29 A.12 NOTICE TO U.S. RESIDENT HOLDERS ................................................................................... 29 B. PARTIES INVOLVED IN THE TRANSACTION .................................................................................... 30 B.1 Offeror ......................................................................................................................................... 30 B.1.1 Name, legal status and registered office........................................................................... 30 B.1.2 Incorporation and term ...................................................................................................... 30 B.1.3 Governing law and jurisdiction .......................................................................................... 30 B.1.4 Share capital ..................................................................................................................... 30 B.1.5 Offeror’s shareholders and shareholders’ agreements..................................................... 30 B.1.6 Management and supervisory bodies ............................................................................... 33 B.1.7 Brief description of the group led by the Offeror ............................................................... 34 B.1.8 Business of the Offeror ..................................................................................................... 34 B.1.9 Accounting standards........................................................................................................ 36 B.1.10 Financial statements....................................................................................................... 36 B.1.11 Recent performance ....................................................................................................... 58 2 B.2 Issuer........................................................................................................................................... 59 B.2.1 Name, legal form and registered office ............................................................................. 59 B.2.2 Share capital ..................................................................................................................... 59 B.2.3 Shareholders and shareholders’ agreements................................................................... 59 B.2.4 Management and supervisory bodies ............................................................................... 61 B.2.5 Recent trend and outlook.................................................................................................. 65 B.3 Intermediaries............................................................................................................................ 111 B.4 Global Information Agent........................................................................................................... 111 C. CATEGORIES AND AMOUNT OF THE FINANCIAL INSTRUMENTS INVOLVED IN THE OFFER . 112 C.1 Financial instruments and corresponding quantities ................................................................. 112 C.2 Authorizations............................................................................................................................ 112 D. ISSUER’S FINANCIAL INSTRUMENTS OR OTHER FINANCIAL INSTRUMENTS HAVING ISSUER’S FINANCIAL INSTRUMENTS AS UNDERLYING ASSETS HELD BY THE OFFEROR, ALSO THROUGH TRUST COMPANIES OR INTERMEDIARIES...................................................... 114 D.1 Number and categories of Issuer’s financial instruments held by the Offeror and any person acting in concert with the Offeror and specification of the legal title of ownership and the voting rights ............................................................................................................................... 114 D.2 Repurchase contracts, securities lending, usufruct or pledge agreements or other contracts on the Issuer’s financial instruments ......................................................................................... 114 E. PRICE PER SHARE FOR THE FINANCIAL INSTRUMENTS AND ITS DETERMINATION.............. 115 E.1 Consideration for each Share and its determination................................................................. 115 E.2 Maximum Amount ....................................................................................................................
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