Philips Lighting: repurchased shares to be cancelled.
(CercleFinance.com) - Philips Lighting said on Thursday that it had bought back 3.
5 million of its own shares from majority shareholder Philips.
The transaction was part of an accelerated bookbuild offering made by Philips to institutional investors on 26 million shares at a price of 23.40 euros per share.
The deal was initially supposed to relate to 22.25 million Philips Lighting shares.
Philips Lighting - which said the repurchase will be financed from the company's own funds - now intends to cancel the repurchased shares.
This transaction will reduce Philips' stake in Philips Lighting's share capital from about 71.2% to about 53.9%.
After cancellation of the 3.5 million shares, Philips' stake will reach 55.2%.
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