ABB announces final single-class share acceptance rates (U.S. version)

Zurich, Switzerland, July 5, 1999 – ABB announced today that 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. (End)

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    Contact us

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