Philips Cold chips

Philips has been trying to cut its exposure to volatile tech investments to focus on more defensive areas. But it is still a bit of an ungainly hybrid, holding large stakes in Taiwan Semiconductor and LG Philips LCD. Investors are punishing it for this. The group’s stock is down nearly 10% in the past week. Philips plans to sell off its LG Philips LCD, Taiwan Semiconductor and remaining minority stakes in several other businesses. Assume it does so for E11bn. This values the rest of the group at...