German chipmaker Infineon Technologies raised about 1.06 billion euros ($1.16 billion) by issuing new shares to partially finance its $10 billion acquisition of U.S.-based Cypress Semiconductor, it said on Tuesday.
Infineon said its share capital would be raised by about 4% after a private placement with institutional investors, adding that the shares were priced at 19.30 euros apiece.
The company closed the acquisition of Cypress Semiconductor in April, coupling its own prowess in managing electric drivetrains with Cypress’s superior connectivity in areas such as in-car entertainment. Infineon said earlier this month that it expects sales to decrease by 5% in the fiscal year to Sept. 30 because of the impact of the coronavirus pandemic, compared with an original target of a 5% increase.
Infineon is a leading maker of power management chips used in electric drivetrains, exposing it to the sudden halt in car production that occurred because of the pandemic.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Lufthansa clinches $10 billion bailout from German governmentLufthansa and Germany have finalized the terms of a €9 billion ($9.8 billion) bailout, following weeks of intense negotiations over the future of Europe's leading global airline. The rescue package will give the government a 20% stake in the group.
Lire la suite »
Lufthansa secures €9 billion ‘stabilization package’ from German governmentGerman airline said it has received approval for a multibillion-dollar “stabilization package” from a government support fund to keep the company going through the turbulence from the coronavirus outbreak, but cautions the deal has not been approved by the European Union’s executive commission.
Lire la suite »
German government, regions tussle over reopening from lockdownsGermany's central and regional governments sparred on Monday over when and how far to ease social-distancing rules, with allies of Chancellor Angela Merkel warning that scrapping them risks a new wave of coronavirus infections.
Lire la suite »
New emissions blow for VW as German court backs damages claimsVolkswagen must pay compensation to owners of vehicles with rigged diesel engines in Germany, a court ruled on Monday, dealing a fresh blow to the automaker almost five years after its emissions scandal erupted.
Lire la suite »
German business morale rebounds; state spending key to recoveryThe German economy is starting to recover as curbs to slow the coronavirus are lifted, a business morale survey showed on Monday, and separate output data pointed to the importance of government spending to support the recovery.
Lire la suite »
German playground concept enforces social distancing for safety - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Lire la suite »