philips-sells-175-billion-of-tsmc-stock-to-domestic-investors

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 û valued at $8.5 billion at FridayÆs prices. YesterdayÆs sale, which was arranged by Goldman Sachs, will reduce that stake to 12.8%.

The transaction attracted strong interest among the domestic investment community and, according to a...
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