Philips has sold 887 million shares in its Taiwanese chip making subsidiary TSMC to Taiwanese investors, generating a book profit of €725m. The sale reduces Philips’ stake in the company from 16.2% to 12.8%. .

Philips set up the company in a joint venture with the Taiwan government in 1987. On March 9 this year Philips announced that it planned to sell all its remaining shares in the company