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Amsterdam (pte019/10.12.2004/11:45) - Dutch electronics company Philips http://www.philips.com has announced today, Friday, that it has cut its stake in Atos Origin by more than a half. As the Financial Times http://www.ft.com reports, the sale of 11 million shares will provide Europe's biggest electronics group with proceeds of 550 million euros and a non-taxable gain of 160 million euros in the fourth quarter. The company has reduced its holding in the French IT services group to 15.4 per cent from 31.9 per cent.
Philips originally acquired a stake in the Paris-based Atos Origin in 2000 when Atos and Origin, Philip' IT services business merged. The company, a producer of domestic appliances, semiconductors and healthcare products, is disposing of non-core holdings to help pay for the restructuring of its key consumer electronics division.
The sale comes after Philips sold off stakes in media group Vivendi and semiconductor equipment maker ASML in November. The Dutch electronics giant complained last month that stiff competition, particularly in flat screen televisions and DVD players, was eroding margins and forcing it to increase cost-cutting at the unit.
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