Friday, March 9, 2007
TSMC said Friday that Philips plans to sell TSMC shares it owns to help it make an orderly exit from its current $8.5 billion stake in the Taiwan company.
With ownership of 16.2 percent in TSMC, Philips plans to sell up to $1.75 billion worth of shares in TSMC in the near future to long-term financial investors in Taiwan, the two firms said in a joint statement.
Philips also plans to offer up to $2.5 billion worth of TSMC shares, in the form of American Depositary shares, through a public offering in the United States, they said. The shares are expected to be listed on the New York Stock Exchange.
"We are pleased to have reached agreement with TSMC on this plan to facilitate our exit from our current shareholding in TSMC in an orderly, responsible manner," Philips Chief Financial Officer Pierre-Jean Sivignon said in the statement.
Meanwhile, TSMC plans to conduct a share repurchase on the Taiwan Stock Exchange to buy back up to about $1.5 billion worth of its shares, and cancel the repurchased shares, the companies said. Philips intends to participate in the share repurchase.
By: DocMemory
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