Philips divests TSMC stake

Dutch group gets record tight discount in difficult markets.

Koninklijke Philips Electronics sold 100 million ADS units in Taiwan Semiconductor Manufacturing Company TSMC after New York's close on Monday, raising $1.077 billion to pay down debt. With TSMC's two house banks, Goldman Sachs and Merrill Lynch, as lead managers, the transaction was priced flat to the group's $10.77 ADR close and at a 7.6% premium to stock's underlying close of NT$68.

The transaction was completed against a backdrop of difficult global equity markets, which helped...

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