Reuters | Aug 04, 2020 19:35
ZURICH (Reuters) - Activist shareholder Cevian Capital has reduced its stake in ABB Ltd (S:ABBN) 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 (11.72 billion pounds) in investments, including holdings in Irish building materials company CRH (I:CRH), Swedish technology company Ericsson (ST:ERICb) and German industrial group ThyssenKrupp (DE:TKAG).
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.