ABB ups stake in Indian subsidiary

Power and automation group ABB’s open offer to increase the stake in its Indian subsidiary from 52.11 to 75 per cent has been successful.

During the three-week offer period, which closed yesterday, shareholders of ABB India tendered approximately 23 per cent of the outstanding shares.

ABB will acquire the shares on a proportionate basis, since the offer has been oversubscribed by approximately 1.5 per cent.

The offer of INR900 (£12.4) per share, which was announced on 17 May 2010, values the transaction at approximately $965m.