Philips Sells Stake in Chip Supplier Nov 11, 2003

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Royal Dutch Royal Philips Electronics NV has sold a 2.5-percent stake in Taiwan Semiconductor Manufacturing Co. (TSM), according to a spokesman at Goldman Sachs.

The stake consists of 500 million shares, which Philips sold in the form of 100 million American Depositary Receipts at a price of U.S. $10.77 per ADR. Goldman Sachs Group Inc. (GS) and Merrill Lynch & Co. (MER) led the offering of the ADRs.

Through the ADR sale, Philips cut its stake in the world's largest manufacturer of made-to-order chips to 19.1 percent from 21.6 percent, Eddie Naylor, Goldman Sachs spokesman said. At the $10.77 ADR price, it raised $1.08 billion

Philips announced plans to offload shares in TSMC in October as part of moves to cut its EUR5.2 billion of debt. (Dow Jones)

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