A surprise Asian consortium has emerged in the auction for Philips' lighting components business worth roughly 2.5 billion euros ($2.6 billion), two sources familiar with the matter said. Chinese LED startup Lattice Power, working with investors GSR Ventures and Singapore state fund Temasek, has expressed interest in the business, a move that could potentially foil the chances of rival offers from takeover groups, they said."They have put in a last-minute bid," one of the sources said, adding that it is expected to have been competitive as it would otherwise would have no chance at this stage of the auction."It looks like the Chinese are there. But it is unclear if their chances are very big," another source said.Philips' adviser Morgan Stanley aims to enter exclusive talks with one of the bidders early next week, wrapping up a process which started a year ago when the Dutch electronics group combined its so-called Lumileds and car lights divisions into a standalone company.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 2.0% or $-0.74/share to $36.35. In the past year, the shares have traded as low as $28.31 and as high as $39.19. On average, 10693200 shares of MS exchange hands on a given day and today's volume is recorded at 11237463.
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