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To: drsvelte who wrote (28217)	9/13/2000 5:27:24 PM
From: xcr600	Respond to of 68127

Big mover intraday and AH-- biz.yahoo.com Wednesday September 13, 5:10 pm Eastern Time Conexant says to spin off Internet business NEWPORT BEACH, Calif., Sept 13 (Reuters) - Modem chip maker Conexant Systems Inc. (NasdaqNM:CNXT - news) said Wednesday its board of directors has approved a plan to spin off its Internet infrastructure business. The company said it has targeted January 2001 for an initial public offering of stock in the new company. The IPO will be followed within six months by a tax-free distribution of the remaining shares to Conexant shareowners. Completion of the spin-off is conditional upon receiving an IRS ruling that it will qualify as a tax-free distribution. The two companies will enter into a multi-year technology and marketing alliance. Internet infrastructure product sales are expected to exceed $550 million in Conexant's current fiscal year ending Sept. 29, 2000, accounting for about 30 percent of total company revenues.