$2.8-B sale of Philips lighting unit dropped

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, Philips said, adding it is seeking another buyer.