Correction to Philips Share Buyback Article

By Adam Clark Features Dow Jones Newswires

Koninklijke Philips NV (PHIA.AE) on Monday said that it is launching a share buyback of up to 150 million euros ($174.2 million) in order to cover its long-term incentive and employee stock purchase plans.

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The Dutch technology company said the buyback will begin at the end of October and finish before the end of 2017, with 4.3 million shares to be repurchased at current prices.

Philips added that is also conducting its previously announced EUR1.5 billion share buyback for capital reduction purposes at the same time. This buyback began in the third quarter of 2017 and will continue for two years.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

Corrections & Amplifications

This article was corrected at 1123 GMT because the original incorrectly stated in the headline that the share buyback was for stock options. The buyback covers employees' performance shares and share purchases via payroll withholdings.

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Philips is launching a share buyback of up to 150 million euros to cover its long-term incentive and employee stock purchase plans. "Philips Launches EUR150M Share Buyback for Employee Options," at 0730 GMT, incorrectly stated in the headline that the share buyback was for stock options. The buyback covers employees' performance shares and share purchases via payroll withholdings.

(END) Dow Jones Newswires

October 30, 2017 07:34 ET (11:34 GMT)