SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of: November 2002
ABB Ltd
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(Exact name of registrant as specified in charter)
N/A
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(Translation of registrant's name into English)
Switzerland
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(Jurisdiction of organization)
P.O. Box 8131, Affolternstrasse 44, CH-8050, Zurich, Switzerland
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(Address of principal executive offices)
Registrant's telephone number, international: + 011-41-1-317-7111
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Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-________
This Form 6-K consists of the following:
1. Press release of ABB Ltd (the "Company"), dated November 5, 2002, in
connection with the sale of the Company's Structured Finance business to GE
Commercial Finance.
2. Notification of the Company, dated November 6, 2002, in connection with
Investor AB's holdings of the Company.
Press Release
For your business and technology editors
EU gives clearance for sale of Structured Finance business to GE Commercial
Finance
Group on target to meet net debt reduction goal by year-end
Zurich, Switzerland, November 5, 2002 - ABB, the leading power and automation
technology group, today welcomed the announcement by the European Commission
that it has approved the sale of ABB's Structured Finance business to GE
Commercial Finance.
ABB said the cash proceeds of about US$ 2.3 billion would be used to cut its
debt and strengthen its balance sheet. The transaction is scheduled to be closed
on November 29, 2002.
"We welcome the European Commission's decision. We are on track to meet our net
debt reduction target by the end of 2002," said Peter Voser, ABB's chief
financial officer.
ABB said it would reduce net debt, which was US$ 4.1 billion at the start of
2002, by at least US$ 1.5 billion this year. "With this sale, other asset
divestments already announced and cash from operations, we are confident that we
will reach our target." said Voser.
The sale has also been approved in the United States. Formal approval from the
Swedish Financial Supervisory Authority is expected well in advance of closing.
ABB said the sale of Structured Finance is part of the company's strategy to
focus on core areas of power and automation technology.
Under the deal, ABB sold most of its Structured Finance business. The aircraft
leasing business, the ABB Export Bank, and the 35 percent equity stake in the
Swedish Export Credit Corporation, which were not part of the agreement, are
expected to be divested. Approximately US$ 250 million of these assets have been
sold since July 1, 2002.
ABB (www.abb.com) is a leader in power and automation technologies that enable
utility and industry customers to improve performance while lowering
environmental impacts. The ABB Group of companies operates in more than 100
countries and employs about 146,000 people.
For more information, please contact:
Media Relations: Investor Relations:
ABB Corporate Communications, Zurich Switzerland: Tel. +41 43 317 3804
Thomas Schmidt Sweden: Tel. +46 21 325 719
Tel: +41 43 317 6492 USA: Tel. +1 203 750 7743
Fax: +41 43 317 7958 investor.relations@ch.abb.com
media.relations@ch.abb.com
Investor AB's holdings in ABB increase beyond 5 Percent
Zurich, November 6, 2002 - Pursuant to Art. 20 of stock exchange act, the
Swedish investment company Investor AB, Arsenalsgatan 8c, SE-103 32 Stockholm,
announced that, as per November 4, 2002, it holds a total of 82,009,799
registered shares of ABB Ltd, Zurich. This corresponds to 6.83 percent of total
capital and voting rights.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ABB LTD
Date: November 6, 2002 By: /s/ BEAT HESS
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Name: Beat Hess
Title: Group Senior Officer
By: /s/ HANS ENHORNING
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Name: Hans Enhorning
Title: Group Vice President