November 15, 2018 / 6:20 PM / a month ago

ABB talking to three Asian suitors about Power Grids sale - sources

ZURICH/FRANKFURT, Nov 15 (Reuters) - ABB is in talks with Hitachi Ltd and Mitsubishi Electric Corp to sell all or part of the Swiss engineering group's power embattled power grids business, sources familiar with the issue told Reuters.

The Swiss company has also started negotiations with State Grid of China, one source said, with Chief Executive Ulrich Spiesshofer speaking to the Chinese company's leadership during a trip to the country this week.

ABB hopes to announce a deal by the end of next week, the source added. The company launched a sale process last month to sell power grids, the business which makes power transformers and substations for transmitting electricity over long distances.

ABB declined to comment. (Reporting by John Revill, Oliver Hirt and Arno Schuetz; Editing by Michael Shields)

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