Deals
Philips Slumps as Lighting IPO Looks Increasingly Likely
- Company says share sale could move ahead as markets improve
- Philips reports quarterly results that beat analyst forecast
Van Houten Outlines Likelihood of a Philips Lighting IPO
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Royal Philips NV shares slumped the most in eight months on prospects the Dutch manufacturer will sell its lighting division through an initial public offering, earning less than from a private sale, which has so far been unsuccessful.
An improvement in stock market conditions during the past couple of months means an IPO “increasingly appears a more likely outcome,” Philips said Monday in an earnings statement, adding that a decision will be made shortly after a conclusion has been reached on all proposals in the alternative sale process.