ABB starts announced share buyback program on April 1st

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ZURICH (dpa-AFX) – The technology group ABB will start the share buyback program announced a week ago with a volume of up to 3 billion US dollars tomorrow, Friday (April 1).

Based on yesterday’s closing price of the share, the volume corresponds to a maximum of around 89 million shares, as the company announced on Thursday. The maximum number of shares that can be bought back on one trading day under the new program is a good 1.26 million.

According to ABB (ABB (Asea Brown Boveri)), the new program is in line with the capital allocation principles and capital structure optimization program aimed at maintaining a high investment grade rating. This share repurchase will use the remaining $1.2 billion of the $7.8 billion cash proceeds from the Power Grids sale.

The share buyback program will be carried out on a second trading line on the SIX Swiss Exchange for the purpose of capital reduction./cf/uh/AWP/stk

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