Hitachi to buy ABB's power grid business for $6.4 bil.

Hitachi Ltd. said Monday it has agreed to purchase the power grid business of Swiss engineering group ABB Ltd., initially investing $6.4 billion for an 80.1 percent stake before a complete takeover in the future.But the Japanese technology conglomerate also indicated that it would freeze a nuclear plant project in Britain due to rising costs, apparently urging the British side to increase commitment through measures such as investment in the project.The deal, Hitachi's biggest-ever acquisition, would strengthen the Japanese electronics maker's competitiveness in the power transmission busin…READ FULL ARTICLE