Philips sells remaining stake in LG Display

SEOUL, March 12 (Yonhap) -- LG Display Co. said Thursday that its co-founder Royal Philips N.V. has disposed of its remaining stake in the world's No. 2 maker of liquid crystal displays (LCDs), severing partnership ties with the company completely.

Philips sold on Wednesday the 13.2 percent interest in LG Display, which it
formed as a 50-50 joint venture with South Korea's LG Electronics Co. in 1999.
The joint venture was renamed LG Display from LG.Philips LCD Co. in February
2008.
"Philips no longer holds any stake in LG Display," the display maker said in a
statement.
Philips began to reduce its stake in the display giant since the company was
listed on South Korea's main bourse in 2004.
In order to raise cash for dividends and acquisitions, Philips reduced its stake
to 32.9 percent in 2006, 19.9 percent in October 2007 and 13.2 percent in April
2008.
As part of its business realignment plans, Philips has been pulling back from
competitive electronics markets and focusing on more profitable products, such as
health care devices and lighting.
Following Philips's disposition of its stake, LG Electronics has emerged as the
single largest shareholder of LG Display with a 37.9 percent stake.
Shares of LG Display closed down 6.5 percent at 25,900 won on the Seoul bourse.