Philips to repurchase approximately 15 million shares in connection with long-term incentive plan
Amsterdam, The Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced that it plans to repurchase around 15 million additional Philips shares on Euronext Amsterdam in 2007 in connection with cumulative obligations resulting from its existing long-term incentive and employee stock purchase programs. These repurchases increase the number of shares held by Philips versus shares due under the programs. The shares repurchased will be held by Philips as treasury shares until they are required.
The share repurchases announced today are independent from the company’s existing share repurchase program for capital reduction purposes.
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