Philips has made an offer for Italian coffee machine maker Saeco, the electronics company said on Monday.

Financial details were not disclosed.
At the weekend, Italian newspaper Il Sole 24 reported Philips had offered €200m for Saeco and would also invest €60m in the company.
Saeco is in financial difficulty and has €500m in outstanding bank loans. Saeco’s board has agreed with the Philips bid but the banks must still give their approval.