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November 10, 1993

PHILIPS DENY GRUNDIG REPORTS

By CBR Staff Writer

Philips Electronics NV is denying those reports (CI No 2,288) that it is to buy the rest of the shares in Grundig AG, where it holds 31.6%: Grundig works council chief Dieter Appelt had said he expected the Dutch company to raise its stake; the remaining 68.4% in the company is owned by the Max Grundig Stiftung, which is a private foundation.

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