The mega sale of Philips Lumileds division has been cancelled. The US authorities have prohibited the acquisition by a Chinese company.
Philips wanted to sell an 80% interest in Lumileds for 2.8 billion dollars. Philips CEO Frans van Houten said he was "very disappointed" about the decision. Lumileds manufactures, among other things, lighting components for televisions and phones.
Philips and the Chinese Go Scale Capital had been talking about a takeover for a while already. Now, Philips is going to discuss the takeover with other parties.
Translated by: Hanny van Belkom