Infineon cuts Qimonda stake

24 Sep 2007

(Associated Press via NewsEdge) Semiconductor maker Infineon said that it has reduced its stake in Qimonda, the memory unit it listed in 2006, raising about $272 million.

The Neubiberg-based company said it sold 25 million Qimonda American Depositary Receipts at $10.92 each, reducing its stake to 78.6% .

It has an option to sell another 3.75 million shares that would, if exercised, reduce Infineon's stake to 77.5%.

Last month, Infineon said it planned to lower its stake in Qimonda to less than 50% with two years.

Infineon listed Qimonda in 2006 on the New York Stock Exchange, but still holds a majority stake in the company that makes chips for PCs. Investors have long urged that ties be cut, in part to avoid the cyclical nature of the industry.

© 2007 The Associated Press

© 2007 Dialog, a Thomson business. All rights reserved

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