Philips to sell its $8.5 billion stake in TSMC

Philips announces a phased sell-down of its 16.6% stake in the Taiwanese semiconductor firm which is valued at $8.5 billion.

Royal Philips Electronics and Taiwan Semiconductor Manufacturing Company TSMC jointly announced on March 9 that they have agreed a plan for Philips to completely exit its residual 16.2% stake in TSMC. At current valuations, Philips' holding is valued at $8.5 billion.

Philips will sell $1.75 billion worth of TSMC shares to financial investors based in Taiwan. Another $2.5 billion worth of stock will be placed through a public offering of American Depositary Shares within calendar 2007. A third tranche...

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