Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
April 09 2021 - 9:36AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April
2021
Commission File Number
001-16429
ABB Ltd
(Translation of registrant’s
name into English)
Affolternstrasse 44, CH-8050, Zurich,
Switzerland
(Address of principal
executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Note: Regulation S-T
Rule 101(b)(1) only permits the submission in paper of a Form 6-K if
submitted solely to provide an attached annual report to security holders.
Indication by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Note: Regulation S-T
Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws
of the jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant’s “home country”), or under the rules of
the home country exchange on which the registrant’s securities are traded, as
long as the report or other document is not a press release, is not required to
be and has not been distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
This Form 6-K consists of the following:
1. Press release issued by ABB Ltd dated April 8, 2021, titled “ABB launches new share buyback program”.
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ZURICH, SWITZERLAND, APRIL 8, 2021
ABB launches new share buyback program
ABB will launch on April 9, 2021 its previously announced
follow-up share buyback program of up to $4.3 billion. Based on the
current share price this represents a maximum of approximately 137 million
shares. The maximum number of shares that may be repurchased under this new
program on any given trading day is 1,543,644.
This follow-up program is part of ABB’s plan to return $7.8 billion
of cash proceeds from the Power Grids divestment to shareholders and is
consistent with the company’s capital structure optimization program. As
announced previously, under the initial program ABB repurchased a total of
128,620,589 shares – equivalent to 5.93 percent of its issued share
capital at the launch of the program – for a total amount of approximately $3.5 billion.
ABB shareholders approved the cancellation of 115 million of these shares
at ABB’s 2021 Annual General Meeting (AGM).
The total number of ABB’s issued shares is 2,168,148,264 including
the shares approved for cancellation at ABB’s 2021 AGM. ABB currently owns
143,988,616 treasury shares.
The follow-up share buyback program is for capital reduction
purposes and will be executed on a second trading line on the SIX Swiss
Exchange (Valor: 35.767.961; ISIN: CH035 767 961 9). It is planned to run from
April 9, 2021 until March 23, 2022. At the company’s AGM on March 24,
2022, ABB intends to request shareholder approval to cancel the shares
purchased through this program as well as those shares purchased under the
initial program that were not proposed for cancellation at ABB’s 2021 AGM.
The share buyback program will be managed by a bank mandated by
ABB that will make its trading decisions concerning the timing of share
repurchases independently of ABB, within pre-agreed parameters. ABB can change
these parameters outside of its closed periods and if it is not in possession
of any inside information.
The purchase price per share will not exceed the higher of the
price of the last independent trade on the ordinary trading line on the SIX
Swiss Exchange and the highest current independent bid price on the ordinary
trading line on the SIX Swiss Exchange. In addition, customary spreads on
purchases on the second trading line on the SIX Swiss Exchange will be paid,
observing the limitations of the Ordinance on Financial Market Infrastructures
and Market Conduct in Securities and Derivatives Trading (FMIO). Payment for
the shares will be made in cash.
The buyback program is being carried out in accordance with the
Ordinance on Financial Market Infrastructures and Market Conduct in Securities
and Derivatives Trading (FMIO), the Market Abuse Regulation (EU) No 596/2014
and the Commission Delegated Regulation (EU) No 2016/1052. Weekly updates on
the program will be published on ABB’s investor relations website at
https://global.abb/group/en/investors/investor-and-shareholder-resources and
issued by press release.
ABB (ABBN:
SIX Swiss Ex) is a leading global technology company that energizes the transformation
of society and industry to achieve a more productive, sustainable future. By
connecting software to its electrification, robotics, automation and motion
portfolio, ABB pushes the boundaries of technology to drive performance to new
levels. With a history of excellence stretching back more than 130 years, ABB’s
success is driven by about 105,000 talented employees in over 100 countries.
www.abb.com
Important notice about forward-looking information
This press release includes forward-looking information and
statements concerning the share buyback program. These statements are based on
current expectations, estimates and projections about the factors that may
affect our future performance, and are generally identifiable by statements
containing words such as “intends”, “expects,” “plans”, or similar expressions.
However, there are many risks and uncertainties, many of which are beyond our
control, that could affect our ability to achieve any or all of our stated
targets. Factors that could cause such differences include, among others,
business risks associated with the volatile global economic environment and
political conditions, changes in governmental regulations and currency exchange
rates and such other factors as may be discussed from time to time in ABB Ltd’s
filings with the U.S. Securities and Exchange Commission, including its Annual
Reports on Form 20-F. Although ABB Ltd believes that its expectations reflected
in any such forward-looking statement are based upon reasonable assumptions, it
can give no assurance that those expectations will be achieved.
—
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For more information please contact:
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Media Relations
Phone: +41 43 317 71 11
Email: media.relations@ch.abb.com
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Investor Relations
Phone:
+41 43 317 71 11
Email:
investor.relations@ch.abb.com
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ABB Ltd
Affolternstrasse
44
8050
Zurich
Switzerland
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ABB
LAUNCHES NEW SHARE BUYBACK PROGRAM
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2/2
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SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ABB LTD
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Date: April 9, 2021.
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By:
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Name:
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Ann-Sofie Nordh
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Title:
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Group Senior Vice President and
Head of Investor Relations
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Date: April 9, 2021.
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By:
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Name:
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Richard A. Brown
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Title:
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Group Senior Vice President and
Chief Counsel Corporate & Finance
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