Siemens Sells More Of Its Infineon Stake

Frankfurt-based Siemens, which said it previously held just below 40 percent of Infineon, has long said it wants to reduce its stake in the company.

The shares will be offered in a range of 12 euros($15.40) to 12.25 euros ($15.60), compared to a book value in Siemens' accounts of below 8 euros ($10.35) a share, company spokesman Peter Gottal said.

That will allow Siemens to book 600 million euros ($770 million) profit in the fiscal second quarter of 2004, he said.

The news sent Infineon shares tumbling 4.5 percent in Frankfurt trading to 11.88 euros ($15.30). Siemens was down 0.8 percent at 67.01 euros ($86.44).

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