Philips Sells Remaining Stake in LG Display for EUR 630 Million IT News Online Staff 2009-03-11
Royal Philips Electronics announced that it has sold its remaining stake in LG Display Co. Ltd. to investors in a capital markets transaction.
This transaction represents 13.2% of LG Display's issued share capital, or 47.2 million of common stock, and reduces Philips' holding to zero.
The transaction will provide Philips with net proceeds of around EUR 630 million, and is expected to result in a non-taxable gain of around EUR 70 million in the first quarter of 2009, which will be recognized in financial income and expenses.
Philips said the transaction is in line with its communicated strategy to dispose of its holding in LG Display in a structured and responsible manner.
