TSMC offers 4.65% of its shares through ADRs

The offering, which is part of Philips' planned exit from the contract chip-maker, could raise up to $2.5 billion based on current market prices.

Taiwan Semiconductor Manufacturing Company TSMC will kick off a short roadshow today for the sale of around $2.5 billion worth of American Depositary Receipts ADRs that will see Royal Philips ElectronicsÆ stake in the company drop from 12.8% to 8.1%.

The sell-down is part of a long-term plan by the Dutch provider of healthcare, lifestyle and technology products to divest all of its shares in the Taiwan chip-maker that it helped to start 20 years ago. According to an...

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