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February 27th, 2008

France buys 2.85% stake in ST

Abstract:
The French government has bought 2.85-percent stake in STMicroelectronics NV from Finmeccanica SpA for about 260 million euros (about $386 million) so as to preserve ST's independence, reported French President Nicolas Sarkozy's office.

A statement from the Elyse Palace, Sarkozy's official residence, indicated that France paid 10 euros a share for ST's stake. The French state is likely to make an additional payment of as much as 4 euros a share based on the stock price over a period of three months.

"Integrated circuits that STMicroelectronics designs and produces play a strategic role for the innovation of major industrial branches, in France and in Europe. Thanks to its presence in France, STMicroelectronics has become a key player in research and development as well as production in the advanced technological field of nanoelectronics," the Elyse stated.

Source:
my-esm.com

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