Philips divests from LG Display

Seoul - Dutch electronics giant Philips has sold all its remaining shares in South Korea's LG Display, the Seoul company said on Thursday.

Philips on Wednesday disposed of its final 13.2% stake, said a spokesman for LG Display, the world's second largest liquid crystal display maker.

"Philips now has no stake in LG Display," he said.

Philips and LG Electronics jointly set up a 50-50 joint venture, LG Philips LCD, in 1999. It was renamed LG Display in 2008.

The Dutch company had been cutting its stake in the joint venture since late 2005, a year after it was listed on the country's stock market.

LG Electronics is now the single largest shareholder with a 37.9% stake.

Shares of LG Display closed down 6.5% at 25 900 won on the Seoul bourse.

- AFP