Shares sale nets Philips €680m
Royal Philips Electronics announced yesterday that it has sold 24 million shares of common stock in LG Display to investors in a capital markets transaction.
This transaction represents 6.7 per cent of LG Display’s issued share capital and reduces Philips’ holding to 13.2 per cent.
The transaction will provide Philips with net proceeds of approximately €680m, and is expected to result in a non-taxable gain of approximately €95m in the first quarter of 2008, which will be recognised in financial income and expenses.
Philip’s says the transaction is in line with its structured strategy to further reduce it’s holding in LG Display.
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