another-lg-display-selldown-by-philips

Another LG Display sell-down by Philips

The Dutch firm triggers an ADR sell-off after offloading $1.1 billion worth of LG Display shares at an 8.1% discount.

Royal Dutch Philips has sold another W1.03 trillion $1.1 billion worth of shares in LG Display, reducing its stake in the Korean manufacturer of thin-film transistor liquid crystal displays TFT-LCDs to 13.2%. This was the second placement of LG Display shares by the Dutch firm in just five months and suggests it is looking to exit the Korean company altogether.

It was also the first block trade of size from Korea this year.

The seller took advantage of a rebound in investor sentiment following a sharp bounce on Wall Street overnight, which meant it was able to attract the attention of the not insignificant number of investors who are sitting on sizeable piles of...

¬ Haymarket Media Limited. All rights reserved.

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