ABB placement of shares completed

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

Zurich, Switzerland, July 5, 1999 – ABB announced today that it has completed the placement of ABB Ltd shares to institutional investors in Europe and the US to pre-fund the acquisition of not tendered ABB AB shares. The final amount of ABB Ltd shares, which were to be placed, was 4.9 million shares. The offer was oversubscribed and the shares were allocated proportionally to interested institutions.

Final acceptance rates for the ABB AB exchange offer after the extended offering period corresponded to 96.7 percent of capital and 98.1 percent of the votes. Final acceptance rates of the ABB AG exchange offer represented 97.2 percent of the capital and 98.0 percent of the votes in ABB AG.

BZ Gruppe Holding AG has announced that as per June 28, 1999 it holds directly and indirectly through Stillhalter Vision AG and through BZ Bank AG, both based in Freienbach, Switzerland, 20,351,746 registered shares corresponding to 6.78 percent of capital and votes of ABB Ltd.

As announced before, former ABB AG shareholders entitled to fractions of ABB Ltd shares will receive a cash payment for the fractional shares on July 9. The corresponding value of one ABB Ltd registered share was fixed at CHF 146.45, based on the average closing price of ABB Ltd registered shares (unweighted) on the Swiss Exchange during the period from June 28 until July 2, 1999. For former ABB AB shareholders, cash payments of the proceeds from the divestment of fractions of shares will be made on July 13 for acceptances settled on June 29 with a price of SEK 804.18 per ABB Ltd share and on July 19 for acceptances settled on July 5 with a price of SEK 797.98 per ABB Ltd share, respectively. ABB also announced that the compulsory acquisition process of outstanding ABB AB shares has been initiated as per June 30.

ABB <http://www.abb.com> is a globalized technology and engineering company serving customers in power transmission and distribution; automation; oil, gas, and petrochemicals; industrial products and contracting; and in financial services. Power generation customers are served by the joint venture ABB ALSTOM POWER. The ABB Group employs about 160,000 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.

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    Contact us

    • Thomas Schmidt
      ABB Corporate Communications, Zurich
      Tel: +41 1 317 7354
      Fax: +41 1 317 7958
    • Manfred Ebling
      ABB Investor Relations, Zurich
      Tel: +41 1 317 7313
      Fax: +41 1 311 9817
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