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4-Traders Homepage  >  Equities  >  Swiss Exchange  >  ABB Ltd    ABBN   CH0012221716

ABB LTD (ABBN)
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ABB, Schneider Electric bid for General Electric unit - sources

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04/21/2017 | 06:49pm CEST
The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne

(Reuters) - European engineering groups ABB Ltd (>> ABB Ltd.) and Schneider Electric SE (>> Schneider Electric) are competing for General Electric Co's (>> General Electric Company) industrial solutions division, which could fetch as much as $3 billion, according to people familiar with the matter.

(Reuters) - European engineering groups ABB Ltd (>> ABB Ltd.) and Schneider Electric SE (>> Schneider Electric) are competing for General Electric Co's (>> General Electric Company) industrial solutions division, which could fetch as much as $3 billion, according to people familiar with the matter.

The divestiture would represent a key step by GE to focus on its core businesses and improve its operational performance, amid pressure from Nelson Peltz's activist hedge fund Trian Fund Management.

ABB and Schneider Electric are through to the second round of bidding for GE's industrial solutions business, a provider of primarily electrical equipment, the sources said this week. Schneider Electric is looking for a partner to break up the business should its bid prevail, in order to address any antitrust concerns, the sources added.

Private equity firms, including KKR & Co LP (>> KKR & Co. L.P.), Clayton Dubilier & Rice LLC, Warburg Pincus LLC and Onex Corp (>> ONEX Corporation), are also in the running, according to the sources.

The sources asked not to be identified because details of the sale process are confidential. Schneider Electric declined to comment, while GE, ABB, KKR, Clayton Dubilier & Rice, Warburg Pincus and Onex did not immediately respond to requests for comment.

GE reported quarterly sales and adjusted earnings results on Friday that beat analysts estimates, but its shares fell on concerns about some of its industrial businesses.

The maker of jet engines, power plants and other industrial equipment also reported a negative $1.6 billion in cash flow from industrial operating activities compared with a negative $600 million it expected for the quarter due to a $1.3 billion increase in working capital and the timing of bills to customers.

Last month, GE agreed to sell its industrial water treatment business to French waste and water group Suez SA (>> Suez Environnement) and Caisse de dépôt et placement du Québec for 3.2 billion euros (2.67 billion pounds).

(Reporting by Greg Roumeliotis in New York; Editing by Tom Brown)

By Greg Roumeliotis

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY -0.93% 14.46 Delayed Quote.-12.55%
KKR & CO. L.P. 0.02% 22.505 Delayed Quote.6.84%
ONEX CORPORATION 0.98% 94.48 Delayed Quote.1.44%
SCHNEIDER ELECTRIC SE -0.34% 76.42 Real-time Quote.9.57%
SUEZ ENVIRONNEMENT 0.25% 12.11 Real-time Quote.-17.63%
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Financials ($)
Sales 2018 37 981 M
EBIT 2018 4 446 M
Net income 2018 2 785 M
Debt 2018 3 753 M
Yield 2018 3,46%
P/E ratio 2018 18,57
P/E ratio 2019 16,13
EV / Sales 2018 1,45x
EV / Sales 2019 1,32x
Capitalization 51 187 M
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Number of Analysts 24
Average target price 26,9 $
Spread / Average Target 13%
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Ulrich Spiesshofer President & Chief Executive Officer
Peter R. Voser Chairman
Timo J. Ihamuotila Chief Financial Officer
Jacob Wallenberg Vice Chairman
Matti Juhani Alahuhta Independent Non-Executive Director
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