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Business

Siemens Sells Off Shares in Infineon

German electronics giant Siemens announced it was selling off 150 million of its shares in the computer chip maker Infineon, cutting its stake to around 19 percent from nearly 40 percent previously. Analysts say it is an appropriate moment to sell because Infineon shares have risen by nearly 20 percent since December. Valued at just under eight euros a piece in Siemens’ accounts, the chip maker’s shares closed at 12.44 euros on Friday but fell heavily in trading on Monday on the Frankfurt stock exchange. The electronics producer started selling off its Infineon shares back at the beginning of 2000 and last cut its stake down to 39.7 percent in March 2003 when it sold some 36 million shares via the open market. In the long run, Siemens plans to pull out of Infineon completely, but has not set a timetable for the sale of the remaining 19-percent stake. (based on wire reports)