PHILIPS COMPLETES SALE OF POLYGRAM AND TAKES STAKE IN SEAGRAM.

The Dutch electronics giant Philips announced on December 10 that it had completed the sale of its music publishing subsidiary PolyGram to the Canadian leisure and distillers group Seagram. Under the terms of the deal, and almost seven months after its announcement that it wished to off load PolyGram, Philips will receive11.5 billion Guilders (USD6.1 billion) along with 12% of ordinary Seagram shares. Philips held a 75% stake in PolyGram, the London-based world leader in music publishing, with an impressive catalogue of stars including the Irish super group U2, the English singer Elton John and the American diva Janet Jackson. The Dutch group's USD6.1 billion capital gain from the sale is however some way short of initial projections of about 8 billion. Philips has also be forced to pledge not to sell its ordinary shares before two...