Philips scraps sale of home entertainment business to Funai
AMSTERDAM Oct 25 (Reuters) - Dutch healthcare, lighting and consumer appliances group Philips said on Friday it has scrapped an agreement to transfer its audio and video business to Japan's Funai Electric Co, citing breach of contract.
Philips, which announced the sale for 150 million euros ($207 million) back in January, said it will now look for a new buyer and will take legal action against Funai to recover damages. ($1 = 0.7245 euros) (Reporting by Sara Webb. Editing by Jane Merriman)
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