12/17/2018, 7:41 AM (Source: TeleTrader)
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Chart for: ABB LTD N

ABB to return $7.6-7.8B through share buyback

Following Hitachi's announcement on Monday that it will purchase Swiss-Swedish electric company ABB for $7 billion, the latter confirmed in a press release that it intends to return 100% of the estimated net cash proceeds of $7.6-7.8 billion from the sale to its shareholders. This will be done either through a share buyback or another similar mechanism.

ABB will hold a press conference at 10 am CET as well as a conference call for analysts and investors at 2 pm CET, both on Monday, during which time further details will be confirmed.

Breaking the News / DZ