Investor AB raises stake in ABB to more than 10 percent
ABB's biggest shareholder investor AB raised its stake to 10.03 percent, continuing to steadily increase its holding in the Swiss engineering group.
ABB’s biggest shareholder Investor AB raised its stake to 10.03 percent, continuing to steadily increase its holding in the Swiss engineering group.
Investor AB held 10 percent of ABB in 2003 and 2004, before cutting it to 7.2 percent by 2007.
Since then the investment vehicle of Sweden’s Wallenberg family has increased its ABB holdings and now owns nearly double the 5.16 percent stake of Sweden’s Cevian Capital, ABB’s second-biggest shareholder.
While activist Cevian has said ABB Chief Executive Ulrich Spiesshofer needs to speed up his efforts to boost the company’s efficiency, Investor AB has said little publicly, reports Reuters.
Investor AB’s Jacob Wallenberg has a seat on ABB’s board, while Cevian has no board seat.
Source: Reuters
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