This comes after Exor, its largest shareholder, increased shareholding in the company to 17.5% from 16.1%
A SECOND major Philips investor raised its holding in the medical technology giant, two months after the Dutch company settled claims linked to its faulty sleep apnoea machines.
Artisan Partners raised its stake in Philips to 10 per cent by Jun 28, reported a filing with the Dutch Authority for the Financial Markets (AFM) on Wednesday (Jul 3).
The holding cements Artisan’s position as Philips’ second-largest shareholder after Agnelli-controlled Exor.
“Artisan has owned more than 9 per cent in Philips for quite some time, and have recently increased their stake to 10 per cent after first-quarter results,” Philips spokesperson Steve Heywood said.
Wisconsin-based Artisan Partners did not respond to an e-mail seeking comment outside of business hours.
The announcement comes on the heels of Exor boosting its stake in Philips to 17.5 per cent from 16.1 per cent. The Dutch company is regaining the confidence of some investors after a lower-than-expected settlement on US claims linked to faulty sleep apnoea devices in late April.
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The recall – related to the concerns over disintegrating noise-cancelling foam that patients inhaled – cost the company around US$5 billion, Bloomberg calculations showed.
The US Food and Drug Administration has labelled the fault a Class 1 issue, the most serious type. The company is still being investigated by the US Department of Justice, and has not yet made any financial provisions for that matter.
Shares of Philips have gained around 17 per cent this year, but are still down 44 per cent since it issued the recall in June 2021. BLOOMBERG
