Philips Electronics has announced it has sold its remaining stake in Pace Plc to investors in a capital markets transaction. This transaction represents 17% of Pace's issued share capital, or 50.7 million of common stock, and reduces Philips' holding to zero.
According to Philips, the transaction will provide them with net proceeds of EUR 76 million, and is expected to result in a non-taxable gain of EUR 48 million in the second quarter of 2009, which will be recognised in financial income and expenses.
Philips state the transaction is in line with their strategy to dispose of non-core shareholdings.
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