Philips sells remaining NXP stake to own pension fund for US$451 mil.

Royal Philips Electronics NV said Tuesday it will sell its remaining stake in NXP Semiconductors NV to Philips' own British pension fund for 350 million euros (US$451 million).

Philips did not specify the size of the stake, which had been 19.9 percent before it was diluted by a public share offering when NXP listed on the New York Stock Exchange last month.

Philips said it would book a 140 million euros gain on the deal in the third quarter.

NXP was once Philips' computer chip making arm, but it sold an 80.1 percent stake to private equity investors in 2006.

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