AMSTERDAM, The Netherlands -- Philips Electronics NV said here today that it plans to sell its 24% stake in ASM Lithography, the semiconductor lithography equipment maker, it was reported here today.
On Thursday, Philips president Cor Boonstra said he did not regard the company's stake in ASML as a strategic one, according to a Reuters report. ``You can draw your own conclusions from that,'' he told shareholders at the company's annual general meeting here.
Today, Philips confirmed the company would be looking to sell the stake, although it gave no details of the timing or the manner in which it would do so, whether directly in the market or to an interested party. The move is now possible because a lock-up period on the holding has expired.
Based on Thursday's ASML closing price, a sale of the stake would bring Philips about 4 billion euros, or $3.82 billion. However, ASML shares dropped 7% to 112.95 euros on the news this morning.