Philips sells holding in Vivendi Universal
Philips Electronics announced that it has sold its total holding of 32,265,561 shares in Vivendi Universal. The transaction, which closed Thursday, will provide Philips with proceeds of approximately 720 million Euros, and will result in a non-taxable gain of approximately 300 million Euros in the fourth quarter. Prior to this transaction, Philips’ holding represented approximately 3.0 percent of Vivendi Universal’s outstanding shares. (THG)
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