Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced it has sold its remaining stake in LG Display Co., Ltd. (NYSE: LPL, KRX: 034220) to investors in a capital markets transaction. This transaction represents 13.2% of LG Display's issued share capital, or 47.2 million of common stock, and reduces Philips' holding to zero.
The transaction will provide Philips with net proceeds of approximately EUR 630 million, and is expected to result in a non-taxable gain of approximately EUR 70 million in the first quarter of 2009, which will be recognized in financial income and expenses.
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The transaction will provide Philips with net proceeds of approximately EUR 630 million, and is expected to result in a non-taxable gain of approximately EUR 70 million in the first quarter of 2009, which will be recognized in financial income and expenses.
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