AMSTERDAM – Royal Philips Electronics has taken its first steps toward divesting its stake in Taiwan Semiconductor Manufacturing Company (TSMC), selling about 887 million shares to financial investors in Taiwan for about 1.3 billion euros in cash.

The move was expected: Philips on March 9 announced a multi-phased plan to divest itself from TSMC.

The sale generated proceeds of approximately 1.3 billion euros, and will result in a non-taxable gain of approximately 725 million euros for Philips’ first quarter 2007.

Philips now holds approximately 3,301 million shares in TSMC, lowering its holding in TSMC from 16.2% to 12.8%.

• Prev
• Next