ABB single share acceptance reaches 95.9 percent of votes by ABB AG shareholders

(NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE USA, CANADA, AUSTRALIA OR JAPAN)

Extension period for ABB AG and ABB AB share exchange offers ends June 15

Zurich, Switzerland, May 27, 1999 – Acceptance of ABB’s offers to exchange the multi-class shares of its two parent companies for a new single-class share has reached 95.9 percent of votes among shareholders of ABB AG, its Swiss-based parent. The announcement follows the completion yesterday, May 26, of the exchange offer period for ABB AG shareholders.

As announced May 5, however, ABB will extend the acceptance period for both exchange offers (including the mandatory extension period required under Swiss law) until June 15, 1999.

Based on preliminary figures, during the extended exchange offer period from March 31 to May 26, 1999, a total of 5,354,480 ABB AG registered shares, or 97.87 percent of the total outstanding, and 7,716,600 ABB AG bearer shares, or 94.57 percent of the total outstanding, were tendered for exchange. As a preliminary result, the Zurich-based company created to issue the new single share – to be called ABB Ltd – would hold 94.96 percent of the share capital and 95.90 percent of the voting rights of ABB AG.

ABB expects trading in the new share to begin at the end of June, 1999.

Indicative Timetable



ABB is a globalized technology and engineering company serving customers in power generation, transmission, and distribution; automation; oil, gas, and petrochemicals; industrial products and contracting; and financial services. ABB employs about 200,000 people in more than 100 countries.


THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSESSIONS. THE SHARES OF ABB LTD HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE LAWS OF ANY STATE, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE LAWS.

The above information has been approved by Morgan Stanley & Co. Limited (which is regulated by the Securities and Futures Authority Limited), solely for the purposes of Section 57 of the Financial Services Act 1986. Morgan Stanley & Co. Limited is acting for ABB Asea Brown Boveri Ltd in connection with the exchange offers and no one else and will not be responsible to anyone other than ABB Asea Brown Boveri Ltd for providing advice in relation to the exchange offers.

(End)

    •   Cancel
      • Twitter
      • Facebook
      • LinkedIn
      • Weibo
      • Print
      • Email
    •   Cancel

    Contact us

    • John Fox
      ABB Corporate Communications, Zurich
      Tel: +41 1 317 7371
      Fax: +41 1 317 7958
    • Manfred Ebling
      ABB Investor Relations, Zurich
      Tel: +41 1 317 7313
      Fax: +41 1 311 9817
    seitp222 c1256c290031524b4125677e00684c56