Monday, November 29, 1999

Founders offer to buy stake ABB via share buy

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Promoter of ABB Ltd on Monday offered to buy 48.51 million shares, or 22.89 percent, in the firm from shareholders at 900 rupees, a 34 percent premium to Friday's closing price.The offer by ABB Asea Brown Boveri Ltd and ABB Ltd (Switzerland) will launch on July 8, manager to the offer said in an advertisement in the Economic Times.The offer will close on 27 July, HSBC Securities and Capital Markets said.ABB Asea Brown Boveri Ltd and its unit ABB Norden Holding AB together holds 52.11 percent in ABB Ltd, the advertisement said.(Reporting by Ketan Bondre; Editing by Harish Nambiar)(For more business news on Reuters Money visit

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