June 1 2001
Citibank Depositary Receipt Services has arranged a NewYork Stock Exchange-listed ADR program for ABB, the Zurich-based engineering conglomerate. The underlying registered shares trade on the Swiss Exchange.The ratio of depositary shares to registered shares is one to four.
ABB, which operates in 140 countries, previously had a Rule 144a facility sponsored by Citibank. Holders of ADSs in the private facility have the option of exchanging them for the NYSE-listed ADSs.
ABB did not issue any new shares as part of the listing and has no immediate plans to use its NYSE-- listed stock as an acquisition currency.
Under a Rule 144a facility a company may only offer shares for sale to qualified institutions and professional investors.
http://www.allbusiness.com/public-administration/national-security-international/1038827-1.html
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment