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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Koninklijke Philips Electronics N.V. |
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(Translation of registrants name into English) | ||||
The Netherlands | ||||
(Jurisdiction of incorporation or organization) | ||||
Breitner Center, Amstelplein 2, 1096 BC Amsterdam, The Netherlands | ||||
(Address of principal executive office) |
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] | ||||
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No | ||||
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a |
This report comprises a copy of the following press release: - - “Philips agrees to reduce its stake in TPV Technology to below 3%”, dated January 29, 2010.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
Koninklijke Philips Electronics N.V. | ||
Date: February 5, 2010 | By: |
/s/ E.P. Coutinho |
Name: | E.P. Coutinho | |
Title: | General Secretary | |
Exhibit No. | Description | |
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99 | Press release | |
Philips agrees to reduce its stake in TPV Technology to below 3%
January 29, 2010
Amsterdam, The Netherlands Royal Philips Electronics (AEX: PHI, NYSE: PHG) today announced it has agreed to sell a majority of its stake in Hong Kong-based technology provider TPV Technology Ltd. (0903.HK) to CEIEC (H.K.) Ltd., a subsidiary of CEC / Great Wall, in an off-market transaction. This transaction, which is subject to the buyers obtaining applicable consents, authorizations and approvals from the relevant government authorities of the People Republic of China, represents 9.47% of TPVs issued share capital and reduces Philips shareholding to 2.99%.
The sale, which is expected to have a break-even impact on our results, will provide Philips with net proceeds of approximately EUR 95 million to be recognized in the first quarter of 2010. As a result of this transaction, which is in line with Philips communicated strategy to dispose of non-core shareholdings, the accounting treatment of the remaining stake in TPV will be changed from equity accounting into fair value accounting applicable for available-for-sale financial assets.
TPV also proposes to issue new shares to a new shareholder which will dilute Philips shareholding to approximately 2.69% of TPVs issued share capital after the completion of both transactions. Philips also holds options on shares of TPV through a convertible bond issued to Philips in September 2005, with a face value of USD 211 million, representing a potential ownership of approximately 310 million new TPV shares.
For more information, please contact:
Joon Knapen
Philips Corporate Communications
Tel: +31 20 59 77477
Email: joon.knapen@philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and
Well-being company, focused on improving peoples lives through timely innovations. As a world
leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into
people-centric solutions, based on fundamental customer insights and the brand promise of sense
and simplicity. Headquartered in the Netherlands, Philips employs approximately 116,000 employees
in more than 60 countries worldwide. With sales of EUR 23 billion in 2009, the company is a market
leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new
lighting applications, as well as lifestyle products for personal well-being and pleasure with
strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral
healthcare. News from Philips is located at www.philips.com/newscenter.
The offer and sale of securities referred to in this press release have not been, and will not be, registered under the Securities Act of 1933, as amended (the Act), or under any other applicable securities laws. They may not be sold, transferred, offered for sale, pledged, or hypothecated or otherwise disposed of unless registered under the Act or pursuant to an exemption from the registration requirements of the Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.