AMSTERDAM, August 14, 2008 (AFP) - Dutch medical and consumer electronics giant Philips said on Thursday it had sold its last 383 million shares in the world's largest chip maker, Taiwan Semiconductor Manufacturing Company (TMSC).

'This transaction forms the end to the multi-phased plan Philips and TSMC, announced on March 9, 2007, to facilitate an orderly exit for Philips from its shareholding in TSMC,' it said in a statement.

'This latest transaction will provide Philips with proceeds of approximately 455 million euros (678 million dollars), and will result in a non-taxable gain of approximately EUR 260 million in Philips' financial results for the third quarter of 2008.'