LG Philips LCD mandates IPO

Morgan Stanley and UBS Warburg emerge as the surprise winners of a roughly $1 billion deal.

The two investment banks beat ABN AMRO, JPMorgan and Salomon Smith Barney for an offering, which is not now expected before the fourth quarter this year. The decision has come as something as a surprise to most market watchers, since JPMorgan and Salomon had been hot favourites because of their role as MA advisors in the creation of the TFT-LCD joint venture, with JPM advising Koninklijke Royal Philips Electronics NV and Salomon LG Electronics.

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