Infineon plunges over 7.5% after Cypress announcement

Monday, 03. June 2019 13:24

Shares of German chipmaker Infineon AG plunged 7.82% at 1:21 pm CET following the company's earlier announcement that it reached an agreement to buy Cypress Semiconductor Corporation for €9 billion. Infineon said it expects the deal to be finalized by the end of the year or in early 2020. Meanwhile, Cypress traded with sharp gains during Monday's premarket trading on the New York Stock Exchange following the news, soaring 24.30%.

Infineon was the worst performer on the DAX, with the index dropping 0.21% at 1:24 pm CET. In the meantime, the FTSE 100 in London was down 0.23% at 1:24 pm CET, while in Paris, the CAC 40 fell 0.16% at 1:25 pm CET.

The euro was 0.14% higher compared to the dollar, selling for 1.1185 at 1:26 pm CET.

Related Links: Cypress Semiconductor Corp.Infineon Technologies AG
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Breaking the News / SS