Royal Philips Cuts Stake in Philips Lighting With EUR547 Million Share Sale
November 29 2017 - 12:53AM
Dow Jones News
By Adam Clark
Koninklijke Philips N.V. (PHIA.AE) said Wednesday that it has
sold a 12% stake in Philips Lighting NV (LIGHT.AE), raising
proceeds of 547 million euros ($648.2 million) and ending its
control of the lighting manufacturer.
The Dutch healthcare technology company placed 17.1 million
shares in Philips Lighting at EUR32 each in an accelerated
bookbuild, reducing its stake in Philips Lighting to 29% from 41%.
The company said that the sale is in line with its previously
announced intention to fully sell down its stake in Philips
Lighting over the coming years.
Philips Lighting said in a separate statement Tuesday that it
repurchased 2.8 million of its own shares in the stake sale for
EUR90 million. It said that it intends to cancel the repurchased
shares as part of its previously stated aim to return up to EUR300
million to shareholders in 2017 and 2018.
Shares in Philips Lighting closed at EUR32.98 on Tuesday, while
shares in Philips closed at EUR32.78.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
November 29, 2017 01:38 ET (06:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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