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.