Philips to sell TSMC shares worth $2.5 billion
Royal Philips Electronics and Taiwan Semiconductor Manufacturing Company (TSMC) have jointly announced that TSMC has filed a registration statement with the US Securities and Exchange Commission in connection with an offering of TSMC shares held by Philips.
The contemplated offering of TSMC shares would form part of the multi-phased plan to facilitate an orderly exit by Philips from its shareholding in TSMC which was announced by the companies on March 9, 2007. The offering is subject to all necessary regulatory approvals and to market conditions. The offering would involve 1.2 billion TSMC common shares in the form of 240 million American Depository Shares, with a value of approximately US$2.5 billion based on the market price for TSMC shares on May 7, 2007.
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