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Electronics Production |

Philips sells out TSMC

Philips has announced that its secondary offering of 1.2 billion common shares in the form of American Depositary Shares in Taiwan Semiconductor Manufacturing Company Ltd. has been priced at USD 10.68 per ADS. Each ADS represents five TSMC common shares.

This offering of TSMC shares on the New York Stock Exchange forms part of the multi-phased plan to facilitate an orderly exit by Philips from its shareholding in TSMC announced by Philips and TSMC on March 9, 2007. Philips expects to receive net proceeds of approximately EUR 1,840 million after closing of this transaction, and expects to book a total non-taxable gain of approximately EUR 1,220 million in its financial results for the second quarter. Upon closing, which is scheduled for May 23, 2007, Philips will retain a holding of approximately 2.1 billion TSMC shares. Philips also announced it has sold its remaining stake of approximately 2.5% of the issued share capital in US-based JDS Uniphase. This transaction will result in a one-time financial loss of approximately EUR 10 million in Philips' results for the second quarter.

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March 15 2024 2:25 pm V22.4.5-1
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