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PHILIPS GLOEILAMPENFABRIEKEN NOW OWNS 98% OF ITS US SUBSIDIARY

Philips Gloeilampenfabrieken NV says it has received tenders for 11.8m shares of North American Philips Corp under its public offer that expired at midnight Wednesday:Philips now owns 98% of the 29m shares of its US subsidiary, and it plans to merge North American Philips into a new wholly owned subsidiary, FGP Corp, by mid-November.

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