Holland-based Philips said on Monday that it would purchase 47 percent Lumileds shares from Agilent Technologies at a cash price of 765 million euros.

Philips also said that at most 1.5 billion euros of stock would be repurchased in the coming 12 months according to its plan.

Philips is the world largest manufacturer of lighting products, one of the world top three medical equipment producers and the largest consumer electronics producer in Europe. It also ranks the third in Europe's semiconductor industry.

By People's Daily Online