1. Hitachi to Announce Purchase of ABB's Power Grid Business Monday

    Hitachi to Announce Purchase of ABB's Power Grid Business Monday

    TOKYO/ZURICH (Reuters) - ABB will sell a majority stake in its Power Grids division to Japan's Hitachi and return the proceeds to shareholders, bowing to pressure from an activist investor to sell the business that makes transformers and converters. The acquisition, which values the unit at $11 billion (8.7 billion pounds), will see Hitachi become one of the largest players in the power grid industry...

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    1. Our shareholders have been with us for many years, they have been patient and have also had perseverance with us to see through the transformation.
    2. Hitachi must be better off beefing up its railway or artificial intelligence business rather than spending on the power business where its rivals such as General Electric and Toshiba Corp have been struggling.
    3. Our four newly shaped businesses, each a global leader, will be well aligned to the way our customers operate and focus stronger on emerging technologies such as artificial intelligence.
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