ABB to sell Power Grids to Hitachi, revamp business structure
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ZURICH (Reuters) - ABB reached a deal with Japan's Hitachi to sell its Power Grids division, with the Swiss engineering group adding it plans to return net cash proceeds of $7.6-7.8 billion (6.04-6.20 billion pounds) from selling the 80.1 percent stake in the unit to shareholders.The Zurich-based company, which will initially retain 19.1 percent of the division, also said on Monday it would be modifying the structure of remaining businesses, resulting in roughly $500 million annual run-rate..