ABB Ltd (ABB)
6 Dec 2016
Thu, Oct 27 2016
ZURICH/MUNICH, Oct 27 ABB's orders slipped for a sixth quarter and are not forecast to rise soon as Brexit, the U.S. elections and July's attempted Turkish coup compounded hesitation among customers of its Power Grids business, knocking its shares.
* Task to reach share price of chf 35 has become more difficult after today's report
* CFO departs as ABB opts for 'new talent' (Adds analyst comment, updates shares)
* CEO Ulrich Spiesshofer says expects Power Grids orders to resume following hesitation, 'definitely not have another of these developments' going forward
ZURICH ABB will keep its Power Grids business in a rejection of demands from an activist investor to spin it off and the Swiss engineering group has also unveiled plans for a $3 billion share buy back from next year.
* ABB sees profit potential in software, consulting (Adds comments from shareholder Nordea, updates shares)
* Global strategic alliance for execution of large turnkey engineering, procurement, construction (EPC) electrical substation projects
ZURICH Cevian Capital, ABB's second-biggest shareholder, on Tuesday criticized the Swiss engineering group's decision to keep its Power Grids division.
* CFO (not CEO) says cash priority is organic growth, then dividend, then acquisitions and buyback
* ABB shareholder Investor AB's CEO says in statement that believes today's announcements by ABB are the right ones for the company and its shareholders
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