Philips to dispose chip maker stake
By Ben Berkowitz |
September 8, 2010, Wednesday
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Print Edition
Print Edition
DUTCH electronics group Philips yesterday said it will sell its remaining equity stake in chip maker NXP Semiconductors NV to its underfunded British pension fund.
Philips said it would make a cash contribution of 350 million euros (US$446 million) to the pension fund, which the fund would then use to buy the 17 percent of NXP the Dutch firm still owns.
The sale will lead to a 140 million euro gain in the third quarter, Philips said.
NXP was created in 2006 when a private equity consortium bought Philips' chipmaking unit. The company listed on the stock market in New York last month in an initial public offering that raised less money than planned.
Philips said in its 2009 report it was reviewing funding needs for its United States and UK pension funds.
Philips said it would make a cash contribution of 350 million euros (US$446 million) to the pension fund, which the fund would then use to buy the 17 percent of NXP the Dutch firm still owns.
The sale will lead to a 140 million euro gain in the third quarter, Philips said.
NXP was created in 2006 when a private equity consortium bought Philips' chipmaking unit. The company listed on the stock market in New York last month in an initial public offering that raised less money than planned.
Philips said in its 2009 report it was reviewing funding needs for its United States and UK pension funds.
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