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ABB - Abb News Story

$33.51 0.9  2.6%

Last Trade - 05/05/21

Sector
Industrials
Size
Large Cap
Market Cap £48.84bn
Enterprise Value £50.12bn
Revenue £19.29bn
Position in Universe 188th / 6849

Switzerland's ABB plans to launch new $4.3 bln share buyback

Thu 25th March, 2021 4:52pm
ZURICH, March 25 (Reuters) - ABB  ABBN.S  said on Thursday
it will launch a new share buyback worth some $4.3 billion as
the Swiss engineering company seeks to return proceeds to
shareholders from its sale of 80% of its Power Grids unit to
Japan's Hitachi  6501.T .
    The company previously completed a $3.5 billion share
buyback.
    "With today's decision, the Board confirms ABB’s intention
to return $7.8 billion of cash proceeds from the Power Grids
divestment to shareholders through share buybacks," ABB said in
a statement. "The program is expected to be launched in April
2021."
    

 (Reporting by John Miller;Editing by Elaine Hardcastle)
 ((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))
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