6/17/2019, 6:45 PM (Source: TeleTrader)
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Infineon to raise €1.5B by issuing new shares

Infineon Technologies AG's management board approved the issuing of new ordinary shares in order to raise €1.5 billion, the company said on Monday.

According to the press release, the new shares will be available for purchase exclusively to institutional investors in a private placement by way of an accelerated book building process. They will start trading on June 24 2019 and carry full dividend rights as from October 2018.

The chipmaker will use the proceeds from the sales to partially finance the planned €9 billion acquisition of Cypress Semiconductor Corporation by replacing a portion of the undrawn commitments under the syndicated term loan facility agreement.

Baha Breaking News (BBN) / MD