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ABB to launch buyback as Power Grids sale to Hitachi wraps up

ZURICH, July 1 (Reuters) - ABB Ltd plans to launch a share buyback programme for up to 10% of its stock after releasing second-quarter results, it said on Wednesday while announcing it had completed the sale of its Power Grids business to Hitachi Ltd.

The Swiss engineering group will ask shareholders at the 2021 annual meeting to approve cancelling the stock it buys back via a second trading line, it added in a statement. It will get net cash proceeds of $7.6–7.8 billion from the sale of an 80.1% stake in Power Grids. (Reporting by Michael Shields, editing by Louise Heavens)

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