Philips sheds LG stock
Philips has cut its ties with LG Display and sold its remaining stock in the company for around €630 million. The sale represented 13.2 per cent of LG Display’s issued share capital and reduces Philips’ holding to zero. Philips says the transaction is in line with its strategy to dispose of its holding in a structured and responsible manner.
LG Display, a South Korean company and the second largest producer of LCD panels, started life as a joint venture between LG Electronics and Netherlands based Koninklijke Philips Electronics. It was originally called LG. Philips LCD but changed to LG Display, following a move by Philips to reduce its equity stake.