Philips considers TSMC shares offer

Royal Philips Electronics NV said it is considering the offering of up to 500 million Taiwan Semiconductor Manufacturing Co Ltd (TSMC) shares, bringing its stake in TSMC down to about 19.1% from its current 21.5% if all shares are placed.

TSMC's board of directors has approved the company sponsoring the conversion of up to 500 million common shares to American depositary shares (ADSs) on behalf of Philips.