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ABB rebuffs Cevian’s call to unload power-grid business

( October 4, 2016, 08:00 GMT | Official Statement) -- MLex Summary: Swiss engineering group ABB today rejected calls from Cevian Capital and other investors to unload its power-grid business, saying more shareholder value could be unlocked through an internal overhaul than through a sale, an initial public offering, a spinoff or a joint venture. “After a very thorough and detailed process . . . we have concluded that the continued transformation of Power Grids under ABB’s ownership creates the highest value for our shareholders and customers, said Chief Executive Officer Ulrich Spiesshofer.An excerpt from ABB’s statement follows....

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