Daily Journal masthead

Electronics giant Philips says the planned sale of a majority stake in its LED components and automotive lighting division to a consortium led by investment fund GO Scale Capital has been scrapped after sides failed to get clearance from US regulators

bug
Share/Save/Bookmark

THE HAGUE, Netherlands — Electronics giant Philips says the planned sale of a majority stake in its LED components and automotive lighting division to a consortium led by investment fund GO Scale Capital has been scrapped after the two sides failed to get clearance from U.S. regulators.

Philips announced Friday that the Committee on Foreign Investment in the United States has not approved the deal for an 80.1-percent stake its Lumileds division that was worth up to $2.9 billion.

Philips CEO Frans van Houten says the Amsterdam-based company is disappointed but will now "engage with other parties that have expressed an interest in exploring strategic options for Lumileds to pursue more growth and scale."

Think your friends should see this? Share it with them!

Story copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow Daily Journal:

All content copyright ©2016 Daily Journal, a publication of AIM Media Indiana unless otherwise noted.
All rights reserved. Privacy policy.