ABB launches new share buyback program

Posted 31 March, 2022

Based on the current price, the program covers 89 million stocks. It aims to redistribute to its shareholders 1.2 billion dollars remaining out of the 7.8 billion brought in by the divestment of Power Grids.

ABB will launch a share buyback program of up to $3 billion on April 1The objective is to carry out a capital reduction, the industrial conglomerate said on Thursday.

Based on the current price, the program covers 89 million stocks. It aims to redistribute to its shareholders 1.2 billion dollars remaining out of the 7.8 billion brought in by the divestment of Power Grids. Since July 2020, ABB has bought back a total of 6.6 billion of its own shares, recalls the company.

ABB may trade a maximum of 1,262,310 shares per day on a separate trading line on SIX. The program runs from April 1, 2022, to March 22, 2023. At the general meeting of March 23, 2023, ABB intends to request the destruction of the securities included in the framework of this new program as well as those which have not yet been canceled in the framework of the previous one.

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31 March, 2022 11:22

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