Philips Electronics NV and Grundig AG, in which it holds a 31.6% share, are locked in a deepening row as Philips has refused to cover all of Grundig’s $336m 1996 losses, in spite of a commitment it had to do so on acquiring the stake in 1984. Philips relinquished management control in January, but is […]
Philips Electronics NV and Grundig AG, in which it holds a 31.6% share, are locked in a deepening row as Philips has refused to cover all of Grundig’s $336m 1996 losses, in spite of a commitment it had to do so on acquiring the stake in 1984. Philips relinquished management control in January, but is obliged to honor debts to the end of 1996. It says it has already paid $130m, but it disputes the extent of Grundig’s reported increased shortfall.
