Philips plans to sell stake in Navteq for $1.52 billion

Philips may sell its stake in Navteq for as much as $1.52 billion, according to a statement released on Monday.

Philips Consumer Electronic Services BV plans to sell at least 30 million shares, reducing its interest in Navteq to 3.5 percent from 37.1 percent, Chicago-based Navteq said today in a filing with the U.S. Securities and Exchange Commission.

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