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Philips reduces stake in Philips Lighting with further share sale
November 28, 2017 / 5:12 PM / in 14 days

Philips reduces stake in Philips Lighting with further share sale

Nov 28 (Reuters) - Dutch healthcare technology company Philips said on Tuesday it was selling a stake of about 12 percent in Philips Lighting, the former subsidiary which it spun off in May, 2016.

Following the sale via an accelerated bookbuilding offer and the cancellation of 2.8 million shares to be repurchased by Philips Lighting as part of the transaction, Philips remaining stake in the lighting business will be 29.59 percent, the company said. (Reporting by Alan Charlish in Gdynia Editing by Greg Mahlich)

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