Philips, Europe's biggest maker of consumer electronics, will book a one-time gain of about 260 million euros (US$388 million) this quarter from selling Taiwan Semiconductor Manufacturing Corp shares.
It sold about 383 million common shares in Taiwan Semiconductor for about 455 million euros to unidentified long-term financial investors, the company said yesterday. Amsterdam-based Philips said it no longer held shares in Taiwan Semiconductor after the sale, Bloomberg News said.
Chief Executive Officer Gerard Kleisterlee sold most of Philips's semiconductor unit and all shares in Taiwan Semiconductor to focus on the lighting, appliances and health-care businesses. Philips has received more than 12 billion euros from asset sales since 2005 and in the same period spent more than 10 billion euros buying medical and lighting companies.
