Philips Lowers Its Stake In Lg.Philips LCD
Wednesday, December 14, 2005, Amsterdam, The Netherlands - Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced it has sold approximately 18 million shares of common stock in LG.Philips LCD Co., Ltd. (“LPL”) (NYSE: LPL, KRX: 034220). The transaction, which closed today, will provide Philips with gross proceeds of approximately EUR 615 million, and will result in a non-taxable gain of approximately EUR 210 million in the fourth quarter of 2005.
As a result of this transaction, Philips will hold approximately 117.6 million shares in LPL, resulting in a lowering of Philips’ holding in LPL from 37.9 to 32.9 percent.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world’s biggest electronics companies and Europe’s largest, with sales of EUR 30.3 billion in 2004. With activities in the three interlocking domains of healthcare, lifestyle and technology and 161,500 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
- Contact Information
- Jeannet Harpe
- Philips Corporate Communications
- Royal Philips Electronics
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