ABB to Launch New $3 Billion Share Buyback
24 März 2022 - 6:36PM
Dow Jones News
By Ed Frankl
ABB Ltd. said Thursday that it plans to launch a new
share-buyback program worth up to $3 billion.
The latest buyback, announced at ABB's 2022 annual general
meeting, follows the completion of its 2021-22 program, which
repurchased shares for around $3.1 billion, the Zurich-based
industrial company said.
The $3 billion program would begin in April and run until the
2023 AGM, ABB said.
The company said the buyback would exceed the remaining $1.2
billion it intended to return to shareholders from the $7.8 billion
net proceeds of its Power Grids divestment to Hitachi that
completed in July 2020.
ABB has repurchased shares for a total of around $6.6 billion
since then, it said.
The company added that it will request shareholders approve the
cancellation of the remaining shares purchased under the 2021-22
program, as well as those purchased under this new program at its
2023 AGM.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
March 24, 2022 13:21 ET (17:21 GMT)
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