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)