ABB Asea Brown Boveri AG has decided that its $270m-a-year it said it plans to sell its Norwegian maker of equipment and systems for radio-link, satellite and telephone communications telecommunications, ABB Nera A/S, does not fit with the rest of its businesses and is to divest it: it will first sell a majority of Nera shares to a group of institutional investors, then apply for a listing of the firm’s shares on the Oslo Stock Exchange; the Norwegian firm has subsidiaries in Germany, the UK and Singapore.
