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Philips cuts LG.Philips LCD shares to 19.9%

Posted: 15 Oct 2007 ?? ?Print Version ?Bookmark and Share

Keywords:common stock? LG.Philips LCD? share capital?

Royal Philips Electronics has sold 46.4 million shares of common stock in LG.Philips LCD Co. Ltd (LPL) to financial institutions in a capital markets transaction. This transaction represents 13 percent of LPL's issued share capital, reducing Philips' holding to 19.9 percent.

The transaction will provide Philips with net proceeds of approximately $2.19 billion and is expected to result in a non-taxable gain of approximately $708 million in Q4 2007. As part of the transaction, Philips may decide to sell additional shares to the same financial institutions later today to meet additional demand, if any.

This transaction is in line with Philips' communicated strategy to further reduce its holding in LPL in a structured and responsible manner, as the company has already done with other financial holdings.

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