UPDATE 1-Philips selling TSMC stake of up to $2.5 bln

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HONG KONG, May 9 (Reuters) - Philips Electronics (PHG.AS) is selling up to $2.5 billion worth of shares in Taiwan Semiconductor Manufacturing Corp. (TSMC) (2330.TW) (TSM.N), a person familiar with the matter said on Wednesday.

Philips, the Dutch TV-to-hospital equipment maker, is selling 240 million American Depository Shares (ADSs) and bookbuilding for the deal starts on Wednesday, the source said.

Joint bookrunners Goldman Sachs (GS.N) and JPMorgan (JPM.N) will brief investors in Hong Kong and Singapore on May 11, and in New York and London on May 14 with the deal pricing on May 18, the source said.

TSMC shares trading in New York closed at $10.50 on Tuesday. TSMC shares were flat at T$68.00 in early trading in Taiwan.

Philips has said it will sell its remaining stakes in TSMC and South Korean flat-display supplier LG. Philips LCD (034220.KS), which are worth a combined $12 billion.