ZURICH – ABB will a launch a beforehand introduced $3 billion share buyback programme on Friday, set to run by March 2023.
The buyback follows repurchases totaling round $6.6 billion since July 2020, ABB stated, because it seeks to return proceeds from the sale of 80% of its Energy Grids unit to Japan’s Hitachi.
“As a part of this program, the corporate intends to return to its shareholders the remaining $1.2 billion of the $7.8 billion of money proceeds from the Energy Grids divestment,” the Swiss engineering group stated on Thursday.
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