December 17, 2018 / 2:53 AM / 6 months ago

Hitachi to announce purchase of ABB's power grid business Monday -Nikkei

TOKYO, Dec 17 (Reuters) - Hitachi Ltd and ABB will announce on Monday a plan for the Japanese conglomerate to buy the Swiss engineering group’s power grid business for up to $7 billion, the Nikkei business daily reported.

The two companies, which have previously said they were in talks, will hold a news conference later on Monday, the business daily said. The report said the acquisition was likely to total around 600 billion to 800 billion yen ($5.3 billion to $7 billion).

A Hitachi spokesman declined to confirm the report, saying it was not something it announced. ($1 = 113.4800 yen) (Reporting by Makiko Yamazaki Editing by Chang-Ran Kim)

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