ABB offers 965 million dollars for more of Indian subsidiary
Swedish-Swiss engineering group ABB on Monday offered 965 million dollars (785 million euros) to increase its stake in its Indian subsidiary.
If the offer of 900 rupees per share is accepted by shareholders of the Indian subsidiary, ABB Limited, the engineering group's stake in its subsidiary would increase from 52 percent to 75 percent, the company said in a statement.
"The aim of the investment is to facilitate the long-term development of ABB's business in India," said ABB, adding that its offer is a premium of 34 percent over Friday's closing price of the share.
The Indian subsidiary employs 6,200 people and posted revenues of 1.4 billion dollars and profit before tax of 117 million dollars in 2009.
© 2010 AFP