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Optoelectronics/Displays??

Philips further cuts stakes in LG.Philips LCD

Posted: 18 Mar 2008 ?? ?Print Version ?Bookmark and Share

Keywords:joint venture? flat panel screen? LG Philips LCD?

Philips has further reduced its stake in its South Korean joint venture, LG.Philips LCD, according to an Agence France-Presse report.

The Dutch conglomerate has sold 24 million shares or a 6.7 percent stake in the flat panel screen maker, raising about $1.05 billion in the process and cutting its holding to 13.2 percent.

The company added that the sale would generate a net gain of $147.9 million which would be booked in Q1.

Philips announced in July 2004 plans to reduce its stake in the joint venture, and in October last year the company unloaded 13 percent holding for some $2.2 billion. South Korean partner LG Electronics has the largest share in the JV firm with 37.9 percent.





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