ABB SELLS ITS 50% STAKE IN ADTRANZ.
Swiss-Swedish electrical engineering giant Asea Brown Boveri has sold its 50% stake in loss-making railway group Adtranz after its joint venture partner DaimlerChrysler made an offer it could not refuse of around USD472 million (Euro 406.9 million). For its part, DaimlerChrysler announced it would take complete control of rolling stock company Adtranz by buying out ABB. Daimler and ABB combined their rail operations in 1996 to form Adtranz, but the company has suffered from a downturn in the global rail market and disagreements about Adtranz's corporate strategy. Adtranz...
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