Philips to book €530m from TSMC share sale

Electronics concern Philips on Monday announced the sale of 800 million shares in the Taiwanese chipmaker TSMC, reports ANP news service.

The company said the sale is in line with its strategy to divest its stake in TSMC, currently at 5%, by 2010.
The sale is part of a share buy-back programme by the Taiwan company which ended on Monday.
The sale of the shares has generated €980m for Philips and will be booked as a net windfall of around €530m in the fourth quarter on this year.

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