Philips further shrinks share in LG Display

The move, which will see Philips sell some 23 million shares in LG Display, will raise approximately $1 billion.

By Suzanne Deffree, Managing Editor, News -- Electronic News, 3/13/2008

Philips Electronics NV is selling an additional 6.4% stake in flat-panel maker LG Display Co.

The move, which will see Netherlands-based Philips sell some 23 million shares in the South Korean company, will raise approximately $1 billion.

LG Display was previously known as LG.Philips LCD Co. The name changed officially on March 3, after Philips cut its stake in October to 19.9% from 32.9%.

Philips held a near 45% share when LG.Philips LCD Co launched its initial public offering in July 2004. Since then, the electronics giant has made clear plans to focus on its core businesses and spinning out divisions, including its semiconductor business, which later became NXP Semiconductors.