Philips shunts off TSMC shares

GIANT DUTCH COMBINE Philips said that provided the conditions are right, it will sell all the shares it owns in pure play foundry Taiwan Semiconductor Manufacturing Company (TSMC).

Philips (tick: PHG) has got 2.1 billion TSMC shares and that's around eight per cent of the whole bundle.

The firm said this is the third step in a "multi-phased plan to facilitate an orderly exit by Philips from its shareholding in TSMC".

Philips wants to have zero shares in TSMC by the end of 2010. The total worth of its shares is about $4 billion. µ