Infineon Wants to Take Over Norwegian SensoNor - Acquisition Will Strengthen Automotive Sensor Business.Business Editors/High-Tech Writers MUNICH, Germany & HORTEN, Norway--(BUSINESS WIRE)--May 20, 2003 Infineon Technologies AG (FSE FSE 1. feline spongiform encephalopathy. 2. focal symmetrical encephalomalacia. :IFX IFX - ["Type Reconstruction with First-Class Polymorphic Values", J. O'Toole et al, SIGPLAN Notices 24(7):207-217 (Jul 1989)]. ) (NYSE NYSE See: New York Stock Exchange :IFX), a world leading semiconductor manufacturer, announced that it plans to acquire SensoNor ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and , headquartered in Horten, Norway, with the aim of significantly strengthening its position in semiconductor sensors for the automotive business. Stockholders are due to receive a takeover bid after today's extraordinary general meeting of shareholders of SensoNor, a leading provider of tire pressure and acceleration sensors. A capital increase for cash is being made at the same time. Infineon expects that it will pay around Euro 48 million to complete the acquisition. As part of the terms of the offer, Infineon wants to purchase 138.5 million shares from institutional and private investors at a price of NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2 per share. This corresponds to an investment of around Euro 35 million. SensoNor will also issue 100 million new shares to Infineon for a cash contribution of NOK 1 per share, making an equivalent total of around Euro 13 million. The planned friendly takeover Friendly takeover Merger when the target firm's management and board of directors is in favor of the takeover. Antithesis of hostile takeover. friendly takeover of SensoNor would make Infineon the market leader of the tire pressure sensor segment. The advantage of this transaction lies in combining the two companies' existing development and production expertise. SensoNor's tire pressure sensors have already been fully qualified by leading car manufacturers with whom long-term supply agreements have been concluded. "This planned takeover means we're consequently pursuing our strategy of further strengthening our already leading position in the automotive sector, and we're aiming to double our market share in automotive semiconductor sensors to 15 percent," said Dr. Reinhard Ploss, head of Infineon's Automotive & Industrial Electronics Group. "We're Europe's biggest manufacturer of semiconductor solutions for automotive electronics and the world's second biggest. Acquisition will allow us to significantly boost our existing pressure sensor business; we'll also be able to ideally enlarge our product portfolio for semiconductor sensors to include acceleration sensors." The market for semiconductor sensors in automotive applications will increase by up to 20 percent per year. Sensors that check tire pressure are the biggest growth driver for pressure sensors. Regulations in this area mean car manufacturers will be fitting around 10 percent of new vehicles registered in the USA with tire pressure monitoring systems by the end of 2003; in 2004 this level will increase to about 35 percent, and in 2005 to 65 percent. Infineon's Automotive & Industrial group, headquartered in Villach, Austria, reached in the second quarter revenues of another all-time high of Euro 354 million. The company's performance efficiency in automotive electronics is based on the innovative strength of the more than 500 engineers working in key technologies such as sensor technology, safety systems, engine management, and telemetry telemetry Highly automated communications process by which data are collected from instruments located at remote or inaccessible points and transmitted to receiving equipment for measurement, monitoring, display, and recording. . Infineon has more than 25 years' experience in automotive electronics. An Infineon chip is used for engine management in one in three cars worldwide and in every second car in Europe. Infineon chips control the power supply systems for everything from light bulbs to the speedometer speedometer, instrument that indicates speed. A cable from an automotive speedometer is attached to the rear of the transmission of an automobile; the cable turns at a rate proportional to the speed of the car. , ignition system, and adverse weather lamps in one in two cars. About Infineon Infineon Technologies AG, Munich, Germany, offers semiconductor and system solutions for the automotive and industrial sectors, for applications in the wired communications markets, secure mobile solutions as well as memory products. With a global presence, Infineon operates in the US from San Jose, Calif., in the Asia-Pacific region from Singapore and in Japan from Tokyo. In fiscal year 2002 (ending September), the company achieved sales of Euro 5.21 billion with about 30,400 employees worldwide. Infineon is listed on the DAX index of the Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. and on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors :IFX). Further information is available at http://www.infineon.com. About SensoNor SensoNor was founded in 1985 in Horten, Norway, and is now a globally leading developer and volume producer of sensors and products based on micro-electro-mechanical systems. The company is quoted on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. (www.oslobors.no under ticker symbol SEN) and employs 170 people. This news release is available at www.infineon.com/news. |
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