Philips NV is moving decisively to end an anomaly that dates right back to the Second World War, when it created the North American Philips Trust to protect its US interests. The Trust was wound up last year, but 42% of the shares in North American Philips are still held by US shareholders and the company has been run as a semi-autonomous entity. Now Philips is offering $50 a share to buy out the entire minority as a first step to complete integration of its worldwide operations – but local holders show signs of wanting more. The shares jumped $11.125 on the announcement to close at $53.125.
