Philips’ sale cancelled

THE HAGUE: Dutch electronics giant Philips said on Friday a planned $2.8-billion majority share sale of its Lumileds lighting unit to Beijing-based GO Scale Capital has been cancelled because of US regulatory concerns. Both companies failed to convince the Committee on Foreign Investment in the United States(CFIUS) to clear the deal, Philipssaid, adding it is seeking another buyer. Philips and GO Scale have now withdrawn their CFIUS filing, the Dutch company said, calling the US regulatory concerns ‘unforeseen’.Lumileds has research and development and production facilities inCalifornia’s Silicon Valley. Philipswill continue to report the Lumileds business as ‘discontinuedoperations’, the company added.