ABB makes voluntary cash offer for untendered ABB AB shares and American Depositary Receipts

Zurich, Switzerland, July 29, 1999 – ABB announced today it will offer to purchase all remaining shares of its former Swedish parent company, ABB AB, from those shareholders who did not tender their shares during the recent share exchange and who do not wish to wait for the outcome of a Swedish arbitration proceedings.

The offer will include Series A shares, Series B shares and ABB AB American Depositary Receipts (ADRs). The purchase price per share has been set at SEK 116.17 (payable in U.S. dollars with respect to the ADRs), plus interest at an annual rate equivalent to the applicable official discount rate, as determined from time to time by the Bank of Sweden, plus two percentage points. The interest will be applied from June 30, 1999, until the date payment is made for the shares.

As previously announced, ABB Ltd, a newly created Swiss company, has completed its exchange offer for the outstanding shares of ABB AB and now owns 96.7 percent of the shares, representing 98.1 percent of the voting rights of ABB AB. In order to acquire the remaining untendered shares, ABB initiated an arbitration proceeding under Swedish law on June 30 through its wholly-owned subsidiary, Asea Holding AB.

More detailed information about the offer will be sent to all directly registered shareholders of ABB AB and all holders of ABB AB ADRs.

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 offer 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 offer.


    •   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
    • John Chironna
      ABB Investor Relations, Zurich
      Tel: +41 1 317 7313
      Fax: +41 1 311 9817
    seitp222 c1256c290031524b412567bd003af0b6