Samsung Electronics raises close to $900 million by selling stakes in several firms
The stakes that Samsung sold include a 4.5% holding in semiconductor firm Rambus, 4.2% of data storage company Seagate Technology, and a .7% ownership of electronics firm Sharp. Sammy also jettisoned half of its position in semiconductor masking firm ASML. That sale amounted to 6.3 million shares, which alone was valued at $676 million. Samsung said that selling the stakes doesn't change any relationship it has with these companies.
It has been estimated that the cost to Samsung of recalling and replacing the defective Samsung Galaxy Note 7 units with new ones, will be as high as $1.5 billion. The phablet was officially recalled on Thursday.