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| ABB completes public tender offer for Newave Energy Holding SA ABB, the leading power and automation technology group announced that is has completed the public tender offer for Newave Energy Holding SA (NWEN.S), a Switzerland based leader in uninterruptible power supply (UPS). The transaction, which was announced on December 12, 2011, was valued at CHF 170 million. The acquisition of Newave advances ABB's strategy to strengthen its position in the power control and quality market and it facilitates the sale of Newave products and services beyond their traditional markets in Europe through ABB's worldwide distribution network. Newave is well known in Europe as an innovative and successful manufacturer of UPS systems. ABB plans to integrate Newave in its Discrete Automation and Motion division, with Newave's headquarters in Quartino, Switzerland, to become a main location for ABB's UPS systems. The management of Newave will assume leading positions in ABB's UPS business, which is expected to grow significantly because of the strategic and operational advantages resulting from the integration of Newave into ABB's UPS business. ABB will now initiate the statutory squeeze-out procedure for the 0.56% shares which have not been tendered in the public tender offer. In addition, Newave will start the delisting process of its shares. write your comments about the article :: © 2012 Construction News :: home page |