GERMANY – Apollo to take up 14 million of Infineon shares
US-based private equity firm Apollo Management has subscribed for approximately 14 million shares of listed chip maker Infineon Technology AG at a price of EUR 2.15 per share, in a rights issue that will see the company raise at least EUR700m.
Apollo's 14 million shares correspond to a 1.3% stake of Infineon's increased share capital, which totals EUR 2.17bn.
Based in Neubiberg, Infineon Technologies AG manufactures semiconductor and system solutions. In the 2008 fiscal year, the company reported sales of EUR 4.3bn with approximately 29,100 employees.
It has been reported that Infineon plans to use the proceeds from the rights issue to repay convertible bonds maturing in June 2010 and exchangeable bonds maturing in August 2010. Chipmakers have suffered a slump over the last year, as consumers have cut back spending on computers, mobile phones and other electronics as a result of the recession.
Infineon expects trading in the new shares issued to begin on the Frankfurt Stock Exchange on Friday, 7 August, 2009.
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