According to a Reuters report on March 15, two sources familiar with the situation revealed that the unexpected Asian consortium joined the Philips lighting device business bid, which is valued at about 2.5 billion euros (about 2.6 billion US dollars). China's LED company Jingneng Optoelectronics cooperated with investment company GSRVentures and Singapore's national fund Temasek to express their interest in the matter. They submitted their quotations at the last minute, one of the sources said. He added that the price of Jingneng Optoelectronics should be competitive, otherwise the chances of winning in this auction stage will be very low. In this regard, further verification found that Wang Min, CEO of Jingneng Optoelectronics, said that I have already seen the report, and now it is certain that we have not made an acquisition. But whether the quotation is true or not, Wang Min said, it is not convenient to disclose, I will tell you the result. It seems that the Chinese have joined the competition, but it is still unclear how big their odds are, another source said. Philips' consultancy Morgan Stanley plans to enter into exclusive negotiations with one of the bidders early next week to complete the Dutch electronics group's strategy to integrate the Philips lumens and headlight business into an independent company a year ago. People familiar with the matter have said that a consortium of private equity firms CVC and KKR has the highest offer in the Philips lighting component business, but rival BainCapital may still raise its offer. Philips spokespersons, CVC, KKR and Bain Capital declined to comment, and representatives of companies such as Jingneng Optoelectronics, GSR, Temasek and Morgan Stanley did not immediately comment. Crystal Energy received $80 million in financing from Asia Pacific Resources Development last year. In addition, it is understood that Jingneng Optoelectronics has been associated with Philips earlier, last year appointed former Philips executive James Haworth as the head of the US business.

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