December 12, 2018 / 10:41 AM / 6 months ago

ABB confirms talks with Hitachi on power grids business

FILE PHOTO: The logo of Swiss engineering group ABB is seen at a plant in Zurich, Switzerland September 29, 2016. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - Swiss engineering group ABB Ltd (ABBN.S) confirmed talks with Japan’s Hitachi Ltd (6501.T) after the Nikkei business daily said a $7 billion deal on ABB’s power grids business was close.

“ABB confirms that it is currently in discussions with Hitachi to expand and re-define the existing strategic power grid partnership between the two companies announced in December 2014. There can be no certainty that any transaction will occur, or as to the timing, structure or terms of any transaction,” ABB said in a statement.

ABB shares were suspended on the SIX Swiss Exchange until further notice.

Reporting by Michael Shields; editing by Brenna Hughes Neghaiwi

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