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TSMC in US$1.5bn share buy-back

15 ноября 2007

Taiwan Semiconductor Manufacturing, the world's largest contract chipmaker, intends to buy back up to $1.5bn of its own shares over the coming two months as part of a long-term plan by Philips, one of its founding shareholders, to divest of its TSMC holdings.

TSMC in US$1.5bn share buy-backTSMC said on Tuesday its board had approved a plan to buy back up to 800m of its own shares from the open market, and Philips intended to sell up to $1.5bn in TSMC shares during this phase.The buy-back will be the third phase in a multi-year programme agreed by the two companies in March under which Philips will sell off its holdings in the chipmaker – then at 16 per cent.

Earlier this year, Philips sold $1.75bn in shares to investors in Taiwan and another $2.5bn in the US market.

The exercise is part of efforts at the Dutch electronics company to exit chip manufacturing and other ventures such as LG Philips, its flat-panel manufacturing joint venture, to free capital for share buy-backs and acquisitions.

Источник: Financial Times

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