Monday July 12, 12:45 am Eastern Time
Dresdner declines comment on Kobe Steel complaint
TOKYO, July 12 (Reuters) - Dresdner Kleinwort Benson on Monday declined to comment on a complaint filed against it by
Kobe Steel Ltd .
''We have no comment at this time,'' a Dresdner spokesman said.
Kobe Steel said on Friday it had filed a complaint with Japan's Securities and Exchange Surveillance Commission (SESC) over an unfavourable report by Dresdner
on July 5.
The complaint was filed on Thursday.
Kobe Steel said the report, which covered it, its subsidiary KMT Semiconductor, and Micron Technology Inc (NYSE:MU - news), which holds 25 percent of
KMT, was based on information from rival chip makers.
It said the report, which referred to what it said was a problem with DRAM (dynamic random-access memory) chips, was written without checks being made with
Kobe Steel, Micron or KMT and contained negative rumours about their chip business.
The steelmaker's share price fell five yen to 108 on the day of the report while shares of other chip makers rose, a Kobe Steel spokesman said.
Kobe Steel shares ended Monday morning trade up one yen or 0.96 percent from Friday at 105.
In the report, Dresdner analyst Hideki Wakabayashi said a design problem had surfaced with DRAMs made by Micron Technology, Kobe Steel said.
The report said the problem would force Micron to stop part of its chip production at its Idaho plant and KMT would have to do the same for four to six months.
Kobe Steel said it had no plans to stop production at KMT and it had no such problems with its DRAM chips. An SESC spokesman said it could not comment on
individual cases. He declined to say whether it would investigate the complaint.
Very curious if you ask me that this rumor caused MU to jump up. Now that the cat is out of the bag, does MU trade lower? |
