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)
Southeast Asian ride-hailing and payments company Grab said it had put a partnership with scandal-hit Wirecard <WDIG.DE> on hold, days after the German payments firm disclosed a $2.1 billion financial hole that threatens its future.
Exclusive: Amazon signals entry into alcohol delivery in India with nod in key state - document
Amazon.com Inc <AMZN.O> has secured clearance to deliver alcohol in India's eastern state of West Bengal, according to a document seen by Reuters, signalling the U.S. e-commerce giant's first foray into the country's multi-billion-dollar sector.