(RTTNews) - Wednesday, Royal Philips Electronics
(PHG) announced it has sold 24 million shares of common stock or 6.7% stake in LG Display Co., Ltd.
(LPL) to investors in a capital markets transaction.
This transaction, which closed today, reduces Philips' holding in LG Display to 13.2%. Philips said it expects net proceeds of about EUR 680 million through this sale. Previously in October 2007, Philips lowered its stake in LG Display to 19.9%.
Philips said it expects this sale to result in a non-taxable gain of about EUR 95 million in the first quarter of 2008, which will be recognized in financial income and expenses.
Philips specified that this transaction is in line with its communicated strategy to further reduce its holding in LG Display in a structured and responsible manner.
PHG closed Wednesday's trading session at $39.50, losing 33 cents, or 0.83%. LPL closed the day's session at $22.22, down $2.36 or 9.60%.
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