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Business

Infineon Scraps Agreement of Stake in US Firm Finisar

German semi-conductors giant Infineon said Tuesday it had decided to scrap a deal to take a stake in US firm Finisar Corp and was considering taking legal action to reclaim damages as a result of the delays and foot-dragging in the transaction. "We have decided to terminate the sale and purchase agreement signed with Finisar on Oct. 11, 2004," the German company said in a statement. "Due to circumstances beyond our control," specifically delays related to the filing by Finisar of the necessary documentation to the US Securities and Exchange Commission, "closing could be expected no earlier than end of March 2005," Infineon said. In addition, Finisar had informed Infineon that its board was likely to withdraw its recommendation to Finisars shareholders in favor of the transaction. The two sides had initially penned the agreement on April 29, 2004. Under the terms of the deal at that time, Infineon had agreed to sell its fiber optics activities to Finisar in exchange for 38 percent of the US company's share capital.