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Philips prices $2.3B issue
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June 16, 2000: 4:14 a.m. ET
Dutch firm to sell 14% of chip machinery maker ASML at 40 euros a share
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LONDON (CNNfn) - Royal Philips Electronics NV on Friday announced the pricing of its sale of shares in ASM Lithography Holding NV, valuing the 14 percent stake in the maker of semiconductor equipment at  2.4 billion ($2.3 billion).
Philips will offer shares at 40 each, in line with expectations. The consumer electronics company is cutting its stake in ASML to less than 10 percent from 23.7 percent by selling 60 million shares. Philips has said it eventually intends to dispose of all its holding.
ASML stock rose 1.2 percent to 41.30 in early Amsterdam trading Friday. The stock plunged when Philips announced in early June that it planned to sell its shares. Philips shares rose 1 percent Friday to 51.80.
The divestment is part of a financial restructuring taking place at Philips, as Europe's largest consumer electronics company cashes in on its disparate financial investments and reinvests the money in acquisitions.
Earlier this year Philips sold stock in JDS Uniphase (JDSU: Research, Estimates) raising $525 million. The strategy comes at a time when Philips' profits are booming. 
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