Philips sells its last shares in TSMC -

Philips sells its last shares in TSMC

LONDON — Royal Philips Electronics (Amsterdam, Netherlands) has sold approximately 383 million shares of common stock in Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC).

This completes the multi-phased plan announced in March 2007, for Philips to exit from its shareholding in TSMC. At that time Philips Electronics held a 16.2 percent stake in foundry.

This latest transaction will provide Philips with proceeds of approximately €455 million (about $ 679million), and will result in a non-taxable gain of approximately €260 million (about $ 388million) in Philips’ financial results for the third quarter of 2008.

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