ABB has announced the start of a share buy-back programme, which was approved by last month’s annual general meeting, to repurchase six million ABB shares for cancellation.
The shares correspond to about two per cent of the company’s total share capital. The buy-back program is part of ABB’s commitment to create more value for shareholders.
The share buy-back will take place on the SWX Swiss Exchange, using a second line of trading established specifically for this purpose, in which ABB will be the only purchaser.
Shareholders wishing to sell their shares can make them available to the company for the purpose of the subsequent capital reduction, or sell them on the first line in the main sector of the SWX Swiss Exchange.
Shareholders are being advised that on all sales using the second line, Swiss Federal withholding tax, amounting to 35 per cent of the difference between the respective price paid for the shares and their nominal value, will be deducted.
ABB has employed Credit Suisse First Boston for the share-buy-back.