ABB plans to buy back up to 10% of its stock, currently worth more than $4 billion, after completing the sale of its Power Grids business to Hitachi .
FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at the Swiss Economic Forum conference in Interlaken, Switzerland May 24, 2019. REUTERS/Arnd Wiegmann
ABB received an estimated $7.6–$7.8 billion from the sale of an 80.1% stake in Power Grids, which it completed as planned by the end of June. “There will be a clear focus on returning cash to shareholders and optimising our capital structure,” he added.
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