labels: M&A, Electricals
Philips completes sale of TSMC shares news
01 January 2008

Lighting major Philips has said it has completed the sale of 800 million shares in the Taiwan Semiconductor Manufacturing Company (TSMC) valued at about $1.5 billion. It will result in a non-taxable net gain of about $773 million in its fourth quarter results.

The sale was carried out as part of a TSMC share repurchase program, which was initiated by TSMC on 14 November and completed on Monday 31 December. Philips continues to hold about 1.3 billion TSMC shares, representing a 5 per cent stake.

Philips is the world's biggest lighting maker, a top-three hospital equipment maker and Europe's biggest consumer electronics producer.

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Philips completes sale of TSMC shares