(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.
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