Deals
Hitachi, ABB Confirm Talks on Potential Deal on Power Grids
- Swiss and Japanese companies say they already have partnership
- Nikkei reported Hitachi may buy division for about $7 billion
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ABB Ltd. and Hitachi Ltd. said they are in talks for a deal on power grids after the Swiss engineering giant was reported to be considering putting the division on the block earlier this year.
ABB is in discussions with Hitachi to expand and re-define an existing strategic power-grid partnership between the two companies that dates to 2014, it said in a statement Wednesday. Hitachi made a similar statement after trading hours in Tokyo. It’s the first time either has commented on a potential transaction.