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Infineon to cut stakes in Qimonda

Posted: 08 Aug 2007 ?? ?Print Version ?Bookmark and Share

Keywords:DRAM? divestment plans?

Infineon Technologies AG plans to cut its stakes in Qimonda to under 50 percent not later than its annual shareholder meeting in 2009.

The divestment plan also aims to enable the distribution of Qimonda shares as a dividend in kind to Infineon shareholders at its 2008 annual shareholder meeting. Such a dividend would then be possible after the annual shareholder meeting 2009.

"Carving-out and listing our memory business last year effectively created two focused companies, each with a well-defined strategy and clear prospects," said Wolfgang Ziebart, Infineon president and CEO. "With today's decision, we are gaining another option to reduce our stake and are increasing the flexibility regarding the speed of the reduction. At the same time, we are strengthening both companies and are accommodating the interests of our shareholders."

Infineon said it will continue executing its strategy to reduce its stake in the spinoff through secondary offerings and other capital markets measures. Cash inflow from such sales will be used for selective acquisitions. Based on an earlier report, Infineon eyes an acquisition in Japan but it would have to sell its memory business first.

Meanwhile, Supervisory Board of Infineon has released Rudiger Gunther from his positions as chief financial officer and labor director. Retired Peter Fischl, whom Gunther succeeded in the post, was rehired to assume the positions as an interim measure.

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