Infineon rejects Saxony's Qimonda rescue terms

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Infineon rejects Saxony's Qimonda rescue terms

John Walko
EE Times Europe
12/16/2008 6:12 PM

LONDON — Infineon Technologies has declined to participate in the federal state of Saxony’s rescue plans for Qimonda AG, but has left the door open for further negotiations regarding the future of its memory spin-off, in which it holds a majority stake.

The state of Saxony has offered to grant a loan of Euros 150 million under regular market terms and conditions to help rescue Qimonda AG.

Tied to this offer was the requirement that Infineon make an "unconditional permanent contribution of Euro 150 million in cash."

Infineon stressed that it made clear early in negotiations that this requirement exceeds Infineon's possibilities by a wide margin.

"We deeply regret that the state of Saxony has not taken our proposals into account," said Peter Bauer, CEO of Infineon Technologies, in a statement.

"In spite of the extremely difficult situation of the world market and the semiconductor industry, Infineon has offered to provide a loan in combination with the sale of a substantial package of Qimonda shares to the state of Saxony. This offer represents the largest possible burden we can reasonably take on," added Bauer.

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