Royal Philips Electronics NV, Europe’s biggest maker of consumer electronics, will book a one-time gain of about 260 million euros (US$387 million) this quarter from selling Taiwan Semiconductor Manufacturing Corp (TSMC, 台積電) shares.
INVESTORS
Philips sold about 383 million common shares in Hsinchu-based TSMC for about 455 million euros to unidentified long-term financial investors, the company said in an e-mailed statement yesterday.
Amsterdam-based Philips said it no longer holds shares in TSMC after the sale.
Chief executive officer Gerard Kleisterlee sold most of Philips’ semiconductor unit and all shares in TSMC to focus on the lighting, appliances and healthcare businesses, which have more stable earnings.
Philips received more than 12 billion euros from asset sales since 2005. In the same period the company spent more than 10 billion euros buying medical and lighting companies.
FALL
Philips fell 0.1 percent to 22.94 euros as of 9:43am in Amsterdam trading. Before yesterday, the stock had lost 22 percent this year.
Block trades for TSMC stock were made at NT$57.20 a share yesterday, according to Taiwan Stock Exchange data.
This is 6.5 percent less than the closing price in Taipei on Wednesday.
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