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 -
Toru Hanai(Reuters)
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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)

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