Preliminary figures show acceptance of single share in both companies well above 90 percent of votes and capital
Zurich, Switzerland, June 17, 1999 - The share exchange periods for shareholders of ABB's parent companies, ABB AB and ABB AG, to exchange their multi-class shares for a new single-class ABB share ended on June 15, with preliminary figures for the two companies showing acceptance levels well above 90 percent of both votes and capital.
Based on preliminary figures, during the exchange offer period from March 31 to June 15, 1999, a total of 5,453,500 ABB AG registered shares, or 99.68 percent of the total outstanding, and 7,904,200 ABB AG bearer shares, or 96.87 percent of the total outstanding, were tendered for exchange. As a preliminary result, the Zurich-based company created to issue the new single share - to be called ABB Ltd - would hold 97.20 percent of the share capital and 98.00 percent of the voting rights of ABB AG. ABB plans to announce final results for the ABB AG exchange offer on June 21.
Preliminary results for ABB AB indicate that the level of the capital and votes that have been tendered is well above 90 percent. However, the final results will be published on June 21. The offer cannot be declared unconditional before the results are final.
ABB expects trading in the new share to begin on June 28, 1999.
ABB is a globalized technology and engineering company serving customers in power generation, transmission, and distribution; automation; oil, gas, and petrochemicals; industrial products and contracting; and financial services. ABB employs about 200,000 people in more than 100 countries.
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSESSIONS. THE SHARES OF ABB LTD HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE LAWS OF ANY STATE, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE LAWS.
The above information has been approved by Morgan Stanley & Co. Limited (which is regulated by the Securities and Futures Authority Limited), solely for the purposes of Section 57 of the Financial Services Act 1986. Morgan Stanley & Co. Limited is acting for ABB Asea Brown Boveri Ltd in connection with the exchange offers and no one else and will not be responsible to anyone other than ABB Asea Brown Boveri Ltd for providing advice in relation to the exchange offers.
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