Capital Group becomes second-biggest investor in ABB

Investor AB

19/03/2021 10:18

ZURICH, March 19 (Reuters) - U.S.-based investment manager
Capital Group has increased its stake in ABB  ABBN.S  to 5.05%,
a regulatory filing showed on Friday, becoming the
second-biggest shareholder in the Swiss engineering company.
    Capital, which had to disclose its position after going
above 5% of the stock, previously held a 3.03% voting stake.
    Its holdings now overtake Cevian Capital, the activist
investor group, which holds 4.89% of ABB, according to Refinitiv
data. The biggest investor in ABB remains Sweden's Investor AB
 INVEb.ST , founded by the Wallenberg family, with 12.24%.
    Capital, which has more than $2 trillion in assets under
management, did not respond to requests for comment. The company
describes itself as a long-term strategic investor.
    ABB's share price has risen by 38% in the past 12 months
since former Sandvik  SAND.ST  boss Bjorn Rosengren took over as
CEO, outperforming the Swiss blue-chip SMI index  .SSMI , which
has gained 9.9%. 
    ABB declined to comment. 

 (Reporting by John Revill; Editing by Michael Shields)
 ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))