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News > International
Philips cuts JDS stake
March 27, 2000: 4:01 a.m. ET

Dutch electronics firm dilutes U.S. fiber optic holding; books $513M gain
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LONDON (CNNfn) - Royal Philips Electronics announced Monday that it had sold 20 percent of its stake in U.S. fiber-optic equipment maker JDS Uniphase and would book a 525 million ($513 million) after-tax gain in its first-quarter earnings.
    The Dutch electronics firm acquired the stake in JDS as part of the sale of its Optoelectronics arm to Uniphase in 1998, and said it may dilute its stake further. It still holds 15.5 million shares in the firm, representing just over 2 percent of the U.S. company.
    JDS was formed last year from the merger of JDS Fitel and Uniphase and announced a $15 billion merger with E-Tek Dynamics in January.
    Philips shares rose 1.2 percent to 103.9 in early trading in Amsterdam.
    JDS (JDSU: Research, Estimates) shares closed down 2-3/16 at 132-1/2 Friday, valuing Philip's remaining stake in the company at $2.05 billion. Back to top

  RELATED STORIES

Philips 3Q profit jumps - Oct. 21, 1999
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