ABB receives approval to amend convertible due 2007

New York, May 28 - ABB Ltd. said bondholders approved amendments to the terms of its $968 million convertible bond due 2007 issued by ABB International Finance Ltd.

The amendments change the conversion rights so that the bonds convert into dollar-denominated American Depositary Shares instead of Swiss franc-denominated ordinary shares. Each ADS represents one ordinary share of ABB.

ABB said the modifications "greatly simplify" the accounting treatment of the bond and remove related volatility from ABB's financial statements.

ABB is a Zurich power and automation technology company.

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