Infineon: BaFin approves listing prospectus with preliminary 3Q-figures

The new shares will be offered to Infineon’s shareholders for subscription at a ratio of four new shares for every nine existing shares held. Infineon’s depositary will also make subscription rights for new American Depositary Shares (ADS) available to the holders of Infineon’s ADSs during the period from 20 July 2009 through 29 July 2009. Settlement for the new shares subscribed for under the rights offering is expected to occur on or about August 7, 2009. Settlement of the unsubscribed new shares to be sold in a private placement to a company held by funds managed by an affiliate of Apollo Global Management LLC (Apollo) is additionally subject to applicable regulatory clearances, which are expected to be received during the course of August 2009. Apollo has agreed to acquire at the subscription price up to approximately 326 million new shares not subscribed for by existing shareholders, subject to certain conditions. Among others, Apollo’s participation in Infineon must not exceed a shareholding of 30% minus one share of Infineon’s share capital after implementation of the rights issue. In addition, the commitment is subject to the condition that Apollo, after implementation of the rights offering, has obtained a minimum shareholding of 15% of Infineon’s share capital. Apollo has the right to waive such condition. The subscription rights for the new shares will not be traded on the regulated market of the Frankfurt Stock Exchange. Credit Suisse Securities (Europe) Limited, Deutsche Bank AG and Merrill Lynch International are acting as Joint Bookrunners for the rights offering. Contained in the prospectus for the rights offering are preliminary figures for the third quarter of the 2009 fiscal year. Infineon’s revenues in the three months ended June 30, 2009 were approximately €845 million compared to €747 million in the three months ended March 31, 2009 and to €1,029 million in the three months ended June 30, 2008. Revenues were up 13% sequentially and down 18% year-over-year. In the three months ended June 30, 2009, Automotive sales were approximately €206 million, Industrial & Multimarket sales were approximately €221 million, Chip Card & Security sales were approximately €82 million, Wireless Solutions sales were approximately €251 million, Wireline Communications sales were approximately €84 million and sales in Other Operating Segments were approximately €1 million. Infineon’s revenue in Corporate & Eliminations was negligible. Segment result for the company’s principal operating segments was as follows: Automotive segment result was approximately negative €17 million, Industrial & Multimarket segment result was approximately €9 million, Chip Card & Security segment result was approximately €4 million, Wireless Solutions Segment Result was approximately €19 million, Wireline Communications segment result was approximately €7 million, Other Operating Segments segment result was approximately negative €1 million and Corporate & Eliminations segment result was approximately negative €13 million.