Stakes buying

AMSTERDAM, Aug 15: Philips, Europe’s top consumer electronics company, said on Monday it had agreed to buy Agilent Technologies’ 47 per cent stake in their US joint venture Lumileds Lighting for 765 million euros ($947m).

The Dutch group also unveiled a new share buyback plan, under which it aims to repurchase up to 63 million shares for about 1.15 billion euros within the next 12 months for subsequent cancellation.—AFP

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