Activist investor Cevian reduces stake in ABB to under 5%
Activist shareholder Cevian Capital has reduced its stake in ABB Ltd to less than 5%, according to data on the engineering company’s website.
Cevian, which campaigned for a separation of ABB’s Power Grids business, now holds 4.89% in the maker of electric car charging stations and industrial robots.
The holding is a reduction from its 5.34% stake at the end of 2019, according to ABB’s annual report.
A spokesman for Cevian said the change reflected a rebalancing of the investor’s portfolio due to the recent gains by ABB’s stock. The company’s shares have gained more than 65% since bottoming out at 14.11 Swiss francs in March.
ABB remained a key holding for Cevian and was one of the investor’s largest holdings, the spokesman said.
Cevian manages 13 billion euros ($15.32 billion) in investments, including holdings in Irish building materials company CRH, Swedish technology company Ericsson and German industrial group ThyssenKrupp. ($1 = 0.8486 euro) (Reporting by John Revill and Oliver Hirt in Zurich Editing by Matthew Lewis)
Tech drives Nasdaq to all-time high as signs of recovery emerge from coronavirus pandemic
The heavyweight technology and growth stocks that drove Wall Street higher in recent years are again fueling a surge that has taken the Nasdaq from a brutal selloff to an intraday record high in just 11 weeks
Security experts at Alphabet Inc's Google sent 1,755 warnings in April to users whose accounts were targets of government-backed attackers, following a resurgence in hacking and phishing attempts related to the coronavirus outbreak.