Philips Said to Shortlist Asian Suitors for $4 Billion Unit (1)

Royal Philips NV has shortlisted a clutch of Asian suitors in the bidding for its home appliance unit, which could fetch at least 3 billion euros ($3.7 billion), people with knowledge of the matter said.

Philips invited Chinese buyout firm CDH Investments and domestic appliance maker TCL Technology Group Corp. to lodge second-round offers, according to the people. Asian investment firm Hillhouse Capitalhas also progressed as well as at least one other party, the people said, asking not to be identified as the information is private.

The business had initially attracted interest from several large U.S. and European private ...