ZURICH (dpa-AFX) - ABB Ltd (ANN.L, ABB), a Swiss technology company, said on Wednesday that its shareholders have approved the proposed spin-off of its Accelleron turbocharging division.
With this, the Board's proposal to spin off ABB's arm by way of a dividend in kind of Accelleron Industries Ltd's shares to ABB's shareholders has been approved.
Now, ABB will distribute a dividend in kind, 1 Accelleron share for 20 ABB Ltd shares held, to its shareholders, on a pro rata basis.
Effective from October 3, the new firm is expected to be listed on SIX Swiss Exchange in Zurich.
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