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French state to buy about euro260 million in shares of chip maker STMicroelectronics

French state to buy about euro260 million in shares of chip maker STMicroelectronics

The French state plans to buy about euro260 million (US$387 million) worth of shares in chip maker STMicroelectronics, President Nicolas Sarkozy's office said Wednesday.
The purchase from Italy's Finmeccanica is designed to balance the French and Italian holdings in STM and "preserve the independence" of a company active in the promising nanotechnology sector, Sarkozy's office said in a statement.
The deal will involve about 2.85 percent of STM's outstanding shares, and is aimed at equalizing the French and Italian holdings in the company at around 13.75 percent each.
The total price of the deal is around euro260 million, or euro10 per share, the statement said.
Shares of STMicroelectronics rose 1.9 percent to euro8.55 (US$12.72) in early trading Wednesday on the Paris stock exchange. The shares are down more than 12 percent this year.


Updated : 2021-04-18 21:51 GMT+08:00