Share buyback program
On October 4, 2016 ABB informed that the company plans for a new share buyback program of up to $3 billion from 2017 through 2019. This reflects the company’s confidence and the continued strength of ABB’s cash generation and financial position.
On September 30, 2016 the company announced that it had completed its share buyback program announced in September 2014.
During the buyback program, ABB repurchased a total of 171,335,000 registered shares (equivalent to 7.4% of its issued share capital at launch of the buyback program) for a total amount of approximately USD 3.5 billion.
Shares were repurchased on the SIX Swiss Exchange both on the ordinary line and on a second trading line as follows:
- 24,740,000 shares on the ordinary trading line for a total amount of CHF 494 million (USD 512 million);
- 146,595,000 shares on the second trading line for a total amount of CHF 2.9 billion (USD 3 billion).
100 million shares repurchased on the second trading line were cancelled in July 2016 following shareholders’ approval in April 2016. The company intends to request shareholders to approve the cancellation of the remaining 46,595,000 shares purchased on the second trading line at its 2017 Annual General Meeting.