Philips Elec Buys Saeco Intl For 200M Euros

Philips Electronics agreed to acquire Saeco International Group, the Italian coffee machine company, for 200 million Euros. The acquisition will give Phlips Electronics the opportunity to reinforce its Consumer Lifestyle divsion with the addition of Saeco's expresso coffee machines. UBS advised Philips, while Mediobanca and Lazard advised Saeco.