LG.Philips jumps on talk of stake sale to Toshiba

Seoul, June 8: Shares of LG.Philips LCD jumped today on market talk that stakeholder Philips could sell 14 per cent of the South Korean flat screen maker to Japan's Toshiba Corp.

Shares in LG.Philips rose 2.95 per cent to 40,150 won at 0019 GMT, outpacing the main KOSPI's 1.06 per cent drop.

A sale to Toshiba would help reduce the share overhang worries on LG.Philips LCD as investors had worried about the impact of a large stake sale in the market.

Reuters>