Siemens AG — Delisting Announcement 2001

Dec 5, 2001

News Details

Ad-hoc | 5 December 2001 14:46

Siemens AG english

Siemens deconsolidates Infineon immediately Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Siemens deconsolidates Infineon immediately Siemens AG, Berlin and Munich, has reduced its ownership interest in Infineon AG, Munich, to under 50 percent through the sale of shares. In addition, Siemens irrevocably transferred 200 million shares of Infineon into a non-voting trust. Following these steps, Siemens will no longer consolidate the results of operations and assets and liabilities of Infineon into its financial statements. Siemens will account for its investment in Infineon using the equity method of accounting. With the sale of the Infineon shares on the open market, Siemens reduced its stake in Infineon from about 50.4 percent to less than 50 percent. In addition, Siemens irrevocably transferred 200 million shares of Infineon into a non- voting trust. Under the terms of the trust agreement, the trustee may not vote the Infineon shares it holds. This gives third-party Infineon shareholders the majority of the voting rights. Siemens, however, will retain economic ownership of the shares held by the trust. The trust agreement gives Siemens the right to sell the shares from the trust to third parties. The trustee will pay any proceeds from the sale and all cash dividends of the Infineon shares to Siemens. Under the equity method of accounting, Siemens’ net investment in Infineon will be included in “Investments” in its balance sheet. Siemens’ share of the net results of Infineon will be included as part of “Income from investment in other companies, net” in its statement of income. end of ad-hoc-announcement (c)DGAP 05.12.2001 ——————————————————————————– WKN: 723610; ISIN: DE0007236101; Index: DAX; EURO STOXX 50 Listed: Amtlicher Handel in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München, Stuttgart; EUREX; Amsterdam; Brüssel; London; Paris; Zürich; New York 051446 Dez 01