Philips Further Lowers Its Stake in LG Display
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 Displays 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 expenses.
This transaction is in line with Philips communicated strategy to further reduce its holding in LG Display in a structured and responsible manner.
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 expenses.
This transaction is in line with Philips communicated strategy to further reduce its holding in LG Display in a structured and responsible manner.
