ABB launches US share offering
ABB Ltd. plans to launch an offering of 6 million shares to US investors to raise funds for general corporate use, the Zurich-headquartered global technology group said Tuesday. ABB, which will make the offering of American Depositary Shares or registered shares from available treasury shares, expects to complete the offering early next month.
By the OGJ Online Staff
LONDON, Mar. 20�ABB Ltd. plans to launch an offering of 6 million shares to US investors to raise funds for general corporate use, the Zurich-headquartered global technology group said Tuesday.
ABB, which will make the offering of American Depositary Shares or registered shares from available treasury shares, expects to complete the offering early next month.
The company noted that each ADS would initially represent one registered share, unless the share split announced in February becomes effective, which would mean each ADS would represent four registered shares. The share split, which reduced the par value of ABB�s registered shares to 2.50 Swiss francs from 10 Swiss francs, is designed to improve the company's liquidity and marketability.
"The purposes of the offering, together with ABB�s proposed listing on the New York Stock Exchange, are to enhance our presence in the US financial markets and to create a US exchange-traded equity security that can be used in connection with equity incentive plans or for strategic investments or acquisition transactions in the US," said ABB.
