Philips sells $1.75 billion of TSMC stock to domestic investors

The first part of a planned exit from the world's largest contract chip maker is completed at a 3.2% discount to the market.

Royal Philips Electronics yesterday March 12 sold $1.75 billion worth of shares in Taiwan Semiconductor Manufacturing Company TSMC through a placement to Taiwanese financial institutions at a 3.2% discount to the market price.

The placement, which marked the largest block trade in Asia on record according to Dealogic, came just a couple of days after the Dutch provider of healthcare, lifestyle and technology products and services, said it would sell its entire 16.2% stake in the Taiwanese chip maker รป...

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