Philips sells off remaining stake in TSMC

Dutch Philips Electronics said on Thursday it has sold its remaining stake in Taiwan Semiconductor Manufacturing Company TSMC, which will result in a book gain of €260m (£203m).

"This transaction forms the end to the multi-phased plan Philips and TSMC, announced on 9 March, 2007, to facilitate an orderly exit for Philips from its shareholding in TSMC," the company said.

Philips' shares, which rose 1.5 per cent after the sale was announced, pared gains to trade 0.3 per cent higher at €23 by 0708 GMT.

Philips said about 383 million shares were sold to long-term financial investors.

The €260m gain on the €455m transaction will be booked in the third quarter, the world's biggest lighting maker said.

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