Payment for the shares will be made in cash. In addition, customary spreads on purchases on the second trading line on the SIX Swiss Exchange will be paid, observing the limitations of the Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIO). The purchase price per share will not exceed the higher of the price of the last independent trade on the ordinary trading line on the SIX Swiss Exchange and the highest current independent bid price on the ordinary trading line on the SIX Swiss Exchange. ABB can change these parameters outside of its closed periods and if it is not in possession of any inside information. The share buyback program will be managed by a bank mandated by ABB that will make its trading decisions concerning the timing of share repurchases independently of ABB, within pre-agreed parameters. At the company’s AGM on March 24, 2022, ABB intends to request shareholder approval to cancel the shares purchased through this program as well as those shares purchased under the initial program that were not proposed for cancellation at ABB’s 2021 AGM. It is planned to run from Apuntil March 23, 2022. The follow-up share buyback program is for capital reduction purposes and will be executed on a second trading line on the SIX Swiss Exchange (Valor: 35.767.961 ISIN: CH035 767 961 9). ABB currently owns 143,988,616 treasury shares. The total number of ABB’s issued shares is 2,168,148,264 including the shares approved for cancellation at ABB’s 2021 AGM. ABB shareholders approved the cancellation of 115 million of these shares at ABB’s 2021 Annual General Meeting (AGM). As announced previously, under the initial program ABB repurchased a total of 128,620,589 shares – equivalent to 5.93 percent of its issued share capital at the launch of the program – for a total amount of approximately $3.5 billion.
This follow-up program is part of ABB’s plan to return $7.8 billion of cash proceeds from the Power Grids divestment to shareholders and is consistent with the company’s capital structure optimization program.
The maximum number of shares that may be repurchased under this new program on any given trading day is 1,543,644. Based on the current share price this represents a maximum of approximately 137 million shares.
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Claim your 1-week free trial to StreetInsider Premium here.ĪBB will launch on Apits previously announced follow-up share buyback program of up to $4.3 billion. News and research before you hear about it on CNBC and others.
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