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NEC to sell 3.9% stake
STAFF WRITER
Thursday, Jun 06, 2002, Page 21
NEC Corp, Japan's second-largest chipmaker, said it will sell 3.9 percent of Thomson Multimedia SA, or 10.9 million shares, as part of an effort to reduce assets over the next two years. The share sale will reduce NEC's stake in the world's fourth-largest consumer-electronics maker to 1.07 percent from 4.96 percent. The sale will be completed by the end of September, NEC said in a news release filed to the Tokyo Stock Exchange. Tokyo-based NEC will sell the shares to several institutional investors. NEC's earnings outlook for the first half won't be affected by the sale, the company said. NEC shut plants, cut jobs and is planning to sell shares in its semiconductor business to recover from last year's record loss. They aim to pool their research and development, marketing, and sales of plasma screens, as well as share patent rights.
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