Philips to sell TSMC shares as part of buyback


Bloomberg

AMSTERDAM — Royal Philips Electronics NV, Europe’s largest consumer electronics maker, said it plans to participate in a share buyback announced by Taiwan Semiconductor Manufacturing Co.

The company plans to sell shares in Taiwan Semiconductor “market conditions permitting,” Amsterdam-based Philips said in an e-mailed statement yesterday. Philips aims to reduce its holding in Taiwan Semiconductor, the world’s largest customized-chipmaker, to “zero” by the end of 2010. Taiwan Semiconductor yesterday announced it will buy back as much as US$1 billion of its own shares. Philips has a stake of about 5 percent in Taiwan Semiconductor, according to the statement.