On the structure of semigroups on $L_p$ with a bounded $H{^\infty}$-calculus

Abstract: We show that a bounded analytic semigroup on an $L_p$-space has a bounded $H^{\infty}(\Sigma_{\varphi})$-calculus for some $\varphi < \frac{\pi}{2}$ if and only if the semigroup can be obtained, after restricting to invariant subspaces, factorizing through invariant subspaces and similarity transforms, from a bounded analytic semigroup on some bigger $L_p$-space which is positive and contractive on the real line.