Siemens' Infineon Starts Canvassing Investor Interest Feb. 21
Munich, Jan. 28 (Bloomberg) -- Infineon Technologies AG, the
computer chip unit of Siemens AG, said it plans to start
canvassing investor interest for the shares it is selling to the public Feb. 21 and list them in Frankfurt and New York March 13.
Siemens, Europe's third-largest chipmaker, has said it plans
to sell as much as 30 percent in Infineon. The offer, which will run through March 10, will include early subscription incentives.
The chip company also said it turned to a profit of 117
million euros ($115.3 million) in the first quarter of fiscal 2000 after a loss of 31 million euros a year earlier.
The Infineon share sale is one of the last steps in
Siemens' plan to shed units accounting for 15 percent of sales to better compete with rivals, such as Royal Philips Electronics NV. Siemens, which makes everything from light bulbs to power plants, will use the proceeds from the sales to strengthen its
Internet technology and process automation operations.
Infineon said it will use shares to make acquisitions, form
partnerships and to attract employees through stock options.
The company produced a pretax profit of 231 million euros,
after a loss of 58 million euros a year ago.
Deutsche Bank AG and Goldman Sachs Group Inc. are leading the
group of banks managing the share sale. |
