Semiconductor maker Infineon has reduced its stake in Qimonda, the memory unit it listed in 2006, raising about $272 million, an Associated Press report said.
The Associated Press report said the Neubiberg-based company sold 25 million Qimonda American Depositary Receipts at $10.92 each, reducing its stake to 78.6% .
It has an option to sell another 3.75 million shares that would, if exercised, reduce Infineon's stake to 77.5%, the report said.
Last month, Infineon said it planned to lower its stake in Qimonda to less than 50% with two years.
Infineon listed Qimonda in 2006 on the New York Stock Exchange, but still holds a majority stake in the company that makes chips for PCs. Investors have long urged that ties be cut, in part to avoid the cyclical nature of the industry, the Associated Press report further said.