January 2008
Amsterdam, the Netherlands – Royal Philips Electronics announced it has completed the sale of 800 million common shares in Taiwan Semiconductor Manufacturing Company Ltd. (“TSMC”), valued at approximately USD 1.5 billion. The sale was carried out as part of a TSMC share repurchase program, which was initiated by TSMC on November 14, 2007.
This TSMC share repurchase program is the third step in a multi-phased plan to facilitate an orderly exit by Philips from its shareholding in TSMC, as announced by Philips and TSMC on March 9, 2007. This plan aims to reduce Philips’ holding in TSMC to zero before the end of 2010.
The sale of these shares will provide Philips with proceeds of approximately EUR 980 million, and will result in a non-taxable net gain of approximately EUR 530 million in Philips’ financial results for the fourth quarter of 2007. Following completion of this sale, Philips holds approximately 1.3 billion TSMC shares, representing approximately 5.0 percent of TSMC’s issued shares.
This total stake is worth approximately EUR 1.7 billion at current market prices for TSMC shares.
............................................................................
Read PHILIPS ARTICLES on TAXI Design Network
............................................................................
This news message is supported by The Bazaar, a marketplace to buy and sell creative objects. Earn more revenue by selling your prints, downloadable images, or custom products. Set up your store today and stand a chance to have your products featured on DesignTAXI, towards millions of lovers of creative content!
