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Industry: Email Alert RSS FeedSTMicro Shares Up After Successful Offering
Computergram International, Sept 20, 1999
Shares in STMicroelectronics NV, the Franco-Italian chipmaker, ended last week 4.4% up at 74.15 euros after the success of its global $2.6bn stock and debt offering which was between three and five times oversubscribed. The offering, which included 12% of the ordinary share capital, is a further move to open up the company to stock market forces as it reduces the holding of principal, quasi-state shareholder ST Holding to 42%.
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Further sales of ST Holding shares are expected shortly and France Telecom has said that it expects substantial revenue from the sales by the end of this year.
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