Infineon confirms reduced guidance, says Cypress deal on track [Reuters (UK)]
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Source: Reuters
Infineon confirms reduced guidance, says Cypress deal on track - Reuters 3 Min Read FRANKFURT (Reuters) - German chipmaker Infineon expects to meet its lowered guidance for the year to Sept. 30, it said on Thursday after posting third-quarter sales and profit in line with market expectations. Munich-based Infineon, which in June agreed to buy Silicon Valley-based Cypress Semiconductor for $10 billion, confirmed the deal was on track to close either toward the end of this calendar year or in early 2020. “Regardless of the ongoing unfavorable macroeconomic conditions, we still expect to achieve our targets for the current fiscal year,” said CEO Reinhard Ploss. “The underlying drivers of our future markets are very much intact and continue to provide good long-term growth prospects to Infineon.” Markets initially reacted negatively to the pricey Cypress deal, which Infineon has partly funded via a $1.7 billion rights issue. Since that capital raising, however, its shares have rallied by
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