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DELISTING FROM FRANKFURT AND LONDON EXCHANGES DUE TO LACK OF TRADING ACTIVITY
04 August 2005 - ABB (Power Technologies)
| ABB made the decision because the average daily trading volume of its shares on the FWB and the LSE has become insignificant over the past three years. The cross-border, electronic virt-x exchange based in London handles around 75 percent of the daily volume of trading in ABB shares, and the remaining volume is almost entirely traded on the Stockholm Stock Exchange and, through the American Depositary Receipt program, on the New York Stock Exchange. |
ABB made the decision because the average daily trading volume of its shares on the FWB and the LSE has become insignificant over the past three years. The cross-border, electronic virt-x exchange based in London handles around 75 percent of the daily volume of trading in ABB shares, and the remaining volume is almost entirely traded on the Stockholm Stock Exchange and, through the American Depositary Receipt program, on the New York Stock Exchange. 'In today's electronic trading environment, it is no longer necessary to be listed on a large number of exchanges to provide investors with the opportunity to trade in our shares,' said Michel Demaré, chief financial officer of ABB Ltd. 'Concentrating our trading volume on a smaller number of exchanges improves liquidity, and as a consequence the pricing of our shares.' ABB will shortly file applications to delist from both the LSE and FWB. ABB will delist from the LSE after the close of trading on 2.September 2005 and it expects to finalize the delisting from the FWB before the end of 2005. ABB shares will continue to be listed on the SWX Swiss Exchange (traded on virt-x), the Stockholm Stock Exchange and the New York Stock Exchange.
http://abb.com/uk
About: ABB (Power Technologies)
ABB is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impacts. ABB in the UK operates from more than 20 locations nationally and employs around 2,500 people. The ABB Group of companies operates in around 100 countries and employs about 105,000 people.Power Technologies
The Power Technologies division serves industrial and commercial customers, as well as electric, gas and water utilities, with a broad range of products, services and solutions for power transmission and distribution. The portfolio includes transformers, switchgear, breakers, capacitors and cables, as well as high- and medium-voltage applications, many of which are also sold through external channel partners like distributors, system integrators, contractors and original equipment manufacturers. Automation Technologies
The Automation Technologies division serves the automotive, building, chemicals, consumer, electronics, life sciences, manufacturing, marine, metals, minerals, paper, petroleum, transportation, turbocharging and utility industries. Key technologies include control, drives, enterprise software, instrumentation, low-voltage products, motors, robots and turbochargers. These offerings are supported by field maintenance and asset management services, and are sold both directly and through channel partners.
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