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Philips sells last TSMC stake, to gain $390 mln
AMSTERDAM - Dutch Philips Electronics said on Thursday it has sold its remaining stake in Taiwan Semiconductor Manufacturing Company TSMC, which will result in a book gain of 260 million euros ($390 million).
‘This transaction forms the end to the multi-phased plan Philips and TSMC, announced on March 9, 2007, to facilitate an orderly exit for Philips from its shareholding in TSMC,’ the company said.
Philips' shares, which rose 1.5 percent after the sale was announced, pared gains to trade 0.3 percent higher at 23 euros by 0708 GMT.
Philips said about 383 million shares were sold to long-term financial investors.
The 260 million euro gain on the 455 million euros transaction will be booked in the third quarter, the world's biggest lighting maker said.
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