Philips Lighting: parent company further cuts stake.

(CercleFinance.com) - Philips has further cut its stake in its former lighting subsidiary Philips Lighting: after an accelerated private placement of 641 million euros for 22.
2 million shares with institutional investors, the Dutch group has reduced its shareholding in the capital from 53.9% to 39%.

The parent company reduced its stake at 28.8 euros per share, meaning a discount of 2.5% compared to the share's closing price on the previous day.

As part of this transaction, Philips Lighting has repurchased 3.5 million of its own shares (for an aggregate amount of approximately 101 million euros) in order to cancel them, which will then "raise" Philips' stake to 41% of its capital. The deal is set to be completed on 28 April.


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