ABB has confirmed it is in talks with Japanese outfit Hitachi to “expand and re-define the existing strategic power grid partnership between the two companies”.
Market reports suggest Hitachi is in the latter stages of negotiations to buy ABB’s power grid unit for over $7bn.
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The Swiss company said that “there can be no certainty that any transaction will occur, or as to the timing, structure or terms of any transaction”.
In 2014, the two companies set up a joint venture in Japan for the design, engineering, supply and after-sales services for HVDC systems.