Philips to Sell 47.2 Million Shares of LG Display at a Discount

Royal Philips Electronics NV will sell its remaining 13.2% stake in LG Display. Philips owns 47.2 million LG Display shares, which is worth about KRW1.31 trillion (about US$884 million). UBS AG and Morgan Stanley will be offering the 47.2 million shares at 6.1-7.9% discounted prices: KRW25,500 to 26,000 each. LG Display’s stock price closed at KRW27,700 in Seoul on March 11. When the sale is completed, Philips will be exiting a 10-year relationship with LG Electronics: LG.Philips LCD was formed in 1999 and later renamed itself to LG Display.

Source: Bloomberg

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