BREAKING NEWS

Hitachi to announce purchase of ABB's power grid business Monday -Nikkei

Hitachi to announce purchase of ABB's power grid business Monday -Nikkei
FILE PHOTO: A logo of Hitachi Ltd. is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, Oct. 2, 2017. REUTERS/Toru Hanai//File Photo -
Copyright
Toru Hanai(Reuters)
Euronews logo
Text size Aa Aa

TOKYO (Reuters) – Hitachi Ltd <6501.T> and ABB <ABBN.S> will announce on Monday a plan for the Japanese conglomerate to buy the Swiss engineering group’s power grid business for up to $7 billion (5.6 billion pounds), the Nikkei business daily reported.

The two companies, which have previously said they were in talks, will hold a news conference later on Monday, the business daily said. The report said the acquisition was likely to total around 600 billion yen (4.2 billion pounds) to 800 billion yen.

A Hitachi spokesman declined to confirm the report, saying it was not something it announced.

(Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.