ABB Ltd single-class share begins trading today (U.S. Version)

New share listed on the Swiss Exchange and in Stockholm, Frankfurt and London

Zurich, Switzerland, June 28, 1999 – ABB is introducing the new ABB Ltd single-class share today on the Swiss Exchange and the stock exchanges in London and Frankfurt. Listing in Stockholm began on June 22.

The listing of ABB Ltd, the new Zurich-based holding company of the ABB Group, follows the successful offer to exchange the shares of ABB Ltd for the shares of the previous parent companies, ABB AG of Switzerland and ABB AB of Sweden. With a market capitalization of about CHF 40 billion (US$ 26 billion), ABB will be the 8th largest company in Switzerland and among the 50 largest in Europe.

The symbols for the new share will be ABBN on the Swiss Exchange, ABB in Stockholm, ABBN in London and ABA in Frankfurt.

“With the introduction of the single-class share, ABB expects an increase in the liquidity of ABB’s shares, improved transparency and enhanced financial flexibility,” said Göran Lindahl, ABB’s President and CEO.

As part of the implementation of the single share, the share capital of ABB Ltd was increased from CHF 100,000 to CHF 3,000,023,580 by issuing 299,992,358 registered shares by way of an ordinary capital increase. The new shares will be delivered via book entry to shareholders that have tendered their ABB AB and ABB AG shares. ABB Ltd will initiate the process to cancel the remaining non-tendered ABB AG shares today and to issue shares of ABB Ltd to such shareholders on the same terms as in the ABB AG exchange offer. For non-tendered ABB AB shares, ABB Ltd will initiate a compulsory acquisition process through a subsidiary to acquire all of the remaining non-tendered ABB AB shares for cash. The amount of cash compensation will be decided by a Swedish arbitration panel.

For ABB AB shareholders, payment of the proceeds from the divestment of fractions of shares will be made by July 19 and for ABB AG shareholders on July 9, 1999.

ABB <http://www.abb.com> 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 MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER TO SELL, OR AS A SOLICITATION OF AN OFFER TO PURCHASE, ANY SECURITIES. SECURITIES 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 SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES 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.


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    Contact us

    • Douglas A. Sherman
      ABB Structured Finance (USA) Inc. , Stamford, CT
      Tel:+1 203 961 7977
      Fax:+ 203 961 7997
    • John G. Chironna
      ABB Inc., Norwalk, CT
      Tel:+1 203 750 7743
      Fax:+1 203 750 2262
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