Philips Said to Name Banks for Possible Lighting Unit IPO - Energy Watch News


Philips Said to Name Banks for Possible Lighting Unit IPO

Royal Philips NV has named six banks and filed draft documents to the Dutch market regulator for a possible initial public offering of its lighting division even as a process to sell the business through an auction continues, according to people familiar with the matter. The move is part of Philips Chief Executive Officer Frans van Houten’s plan to sell the lighting division, which makes products such as street lights, and focus the company on health care. The Amsterdam-based manufacturer has kept its options open so far as to how the sale will be carried out. U.K. investment company Melrose Industries Plc pulled out of the running, increasing the likelihood of an IPO. http://www.bloomberg.com/news/articles/2016-04-04/philips-said-to-name-banks-for-possible-lighting-unit-ipo

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