April 11, 2014 / 8:51 AM / 3 years ago

TSMC plans to cut stake in Vanguard; remains biggest stakeholder

1 Min Read

TAIPEI, April 11 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd, the world's No.1 contract chip maker, said on Friday its board has approved a plan to sell a 5 percent stake in Vanguard International Semiconductor Corp for T$3.5 billion ($1.17 billion).

The sale would reduce TSMC's stake in the smaller chip maker to 33.3 percent, according to a TSMC statement.

TSMC remains the biggest shareholder of Vanguard following the sale, the company said.

Shares of Vanguard ended Friday down 1.1 percent at T$44.8. TSMC is planning to sell the 5 percent stake at T$42.55. (Reporting by Faith Hung; Editing by Christopher Cushing)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below