Wednesday, November 12, 2003
Philips Electronics raised more than $1 billion by selling part of its stake in Taiwan Semiconductor Manufacturing Company, the world's largest IC contract manufacturer. Philips sold a 2.4 percent stake in TSMC, for roughly $1.08 billion.
The deal will cut Philips' stake in TSMC to 19.1 percent from 21.5 percent. The sale will result in a nontaxable gain of $807.5 million to be booked in Philips' fourth quarter. The company has said it will use the proceeds from the sale to lower its almost $6 billion debt and for general corporate purposes and acquisitions.
Philips is Europe's largest consumer electronics maker. It also makes household appliances, semiconductors and medical systems.
By: DocMemory
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