ABB to Launch New Share Buyback of Up to $4.3 Billion
26 March 2021 - 4:31AM
Dow Jones News
By Cecilia Butini
Swiss engineering company ABB Ltd. said Thursday that it is
planning to launch a new share buyback of up to $4.3 billion after
it completed an initial one it launched in July 2020.
The new program is expected to be launched in April and run
until the company's 2022 annual general meeting, it said. The
company also intends to purchase up to 35 million shares until the
2022 AGM mainly for use in employee share plans, it said.
The 2020 buyback program--which was launched as part of the
company's commitment to return cash proceeds from the Power Grids
divestment--allowed the company to repurchase approximately $3.5
billion over the past 8 months, it said.
The company at the AGM on Thursday approved the cancellation of
115 million shares purchased under this program.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
March 25, 2021 13:16 ET (17:16 GMT)
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