Royal Philips Electronics today announced it has sold 24 million shares of common stock in LG Display Co., Ltd. to investors in a capital markets transaction.
This transaction represents 6.7% of
LG Display?s issued share capital and reduces Philips?
holding to 13.2%.
The transaction, which closed today, will provide
Philips with net proceeds of approximately EUR 680
million, and is expected to result in a non-taxable gain
of approximately EUR 95 million in the first quarter of
2008, which will be recognized in financial income and
This transaction is in line with Philips? communicated
strategy to further reduce its holding in LG Display in
a structured and responsible manner.