Oct. 10 (Bloomberg) -- Royal Philips Electronics NV, Europe's largest consumer electronics maker, plans to sell LG.Philips LCD Co. shares for as much as $2.2 billion, according to sale documents e-mailed to investors.

Philips, based in Amsterdam, is offering 46.4 million existing shares, equivalent to a 13 percent stake, at 43,425 won ($47) to 44,500 won each, according to the documents. The offer is a discount of as much as 3.5 percent to LG.Philips's closing price today in Seoul.

Citigroup Inc. and Credit Suisse Group are arranging the sale. Arent Jan Hesselink, a Philips spokesman in Amsterdam, James Griffiths, a Hong Kong-based spokesman for Citigroup, and Godwin Chellam, a Credit Suisse spokesman in Hong Kong, declined to comment.

Philips said in July it would lower the stake in LG.Philips LCD, the world's second-largest maker of liquid-crystal displays, to less than 20 percent this year. A lock-up on its 32.9 percent stake in the venture expired in July. Chief Executive Officer Gerard Kleisterlee is selling assets to raise cash dividends, stock buybacks and acquisitions in the Amsterdam-based company's main units over the next three years.

Philips sold a majority stake in its semiconductor unit last year and shares in Taiwan Semiconductor Manufacturing Co. to free up cash. Philips sold a majority stake in its chip unit to a group of buyout firms including Kohlberg Kravis Roberts & Co. last year. The company has also sold about half of its 16.2 percent stake in Taiwan Semiconductor since it said on March 9 it would exit the world's largest customized-chip maker by 2010.

To contact the reporter on this story: Bei Hu in Hong Kong at bhu5@bloomberg.net.

Last Updated: October 10, 2007 06:53 EDT