Royal Philips Electronics sold 24 million shares of common stock in LG Display Co., Ltd. -- a reduction of 6.7 percent worth $1.1 billion -- to investors in a capital markets transaction last week. The move reduces the company's holdings in LG Display to 13.2 percent.
According to Philips, the move is part of an ongoing strategy announced last year to move away from the market to focus on other core strategies.
The transaction, which closed on Mar. 12, provides Philips with net proceeds of approximately EUR 680 million. For more information, visit www.philips.com.
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