philips-sells-22-billion-stake-in-lgphilips

Philips sells $2.2 billion stake in LG.Philips

The block is priced at the bottom but still achieves a 3.5% discount. Meanwhile, KDIC divests its entire stake in Doosan Infracore at a 0% discount.
Royal Philips Electronics last night sold a 13% stake in KoreaÆs LG.Philips LCD through a well-flagged capital markets transaction, reaping total proceeds of W2.015 trillion $2.2 billion.

The deal, which was jointly arranged by Citi and Credit Suisse, was launched with an aggressive price range that represented a discount of only 1% to 3.5% versus yesterdayÆs closing price of W45,000 and not surprisingly, the final price was fixed to allow for the maximum 3.5% discount. However, for a $2.2 billion block, this was still considered tight and some sources say the prevailing opinion among bankers before the trade was that it would take a discount closer to 5% to get it done.

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