ASMI Cuts ASM Pacific Stake With $550 Million Share Sale
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ASM International NV, a semiconductor service company, sold an 11.9 percent stake in ASM Pacific Technology Ltd. for HK$4.27 billion ($550 million), falling short of investor anticipation of a full spin off of the majority-controlled Asian business.
Shares in the Dutch parent company yesterday fell the most since November 2008 after it announced it would cut its stake in ASM Pacific by no more than 12 percent. ASM International, known as ASMI, placed 47.4 million shares in ASM Pacific at HK$90 each, retaining a 40.1 percent stake, ASM Pacific said in a Hong Kong stock exchange filing distributed today.