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ABB - Abb News Story

$33.51 -0.6  -1.8%

Last Trade - 10/05/21

Sector
Industrials
Size
Large Cap
Market Cap £49.21bn
Enterprise Value £50.49bn
Revenue £19.19bn
Position in Universe 188th / 6854

UPDATE 1-Switzerland's ABB plans $4.3 bln share buyback from April

Thu 25th March, 2021 5:26pm
(Adds details, comment from CEO)
    ZURICH, March 25 (Reuters) - Swiss engineering company ABB
 ABBN.S  said on Thursday it will launch a share buyback worth
around $4.3 billion as it seeks to return proceeds from the sale
of 80% of its Power Grids unit to Japan's Hitachi  6501.T .
    ABB, which makes industrial robots and drives, had
previously completed a $3.5 billion share buyback.
    "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."
    Since the Power Grids disposal last year, ABB has said it is
looking to sell off three of its other businesses as it seeks to
become a less-complicated company. 
    ABB has picked Goldman Sachs and Credit Suisse to help with
the divestiture of its turbocharging division, one of the
businesses on the auction block, which could raise up to $2
billion, Reuters reported this month.  urn:newsml:reuters.com:*:nL8N2LF3F2
    Chief Executive Bjorn Rosengren told shareholders at ABB's
remotely-held AGM on Thursday that it will continue with "active
portfolio management" and expressed an interest in pruning and
selling off businesses to focus its activities.  

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