Monday, January 13, 2003
The battle for control of Taiwanese DRAM maker ProMOS Technologies Inc. ended in a stalemate, as Infineon Technologies AG and Mosel Vitelic Inc. each claimed three board seats in their troubled joint venture.
The remaining three seats went to a Taiwanese investment company in a shareholder vote today, which could determined the outcome or fate of ProMOS. Formed in the early 1990s, Hsinchu-based ProMOS is a joint DRAM venture between Infineon and Taiwan's Mosel Vitelic.
Germany's Infineon was apparently unhappy with the outcome, given that it was looking for control of ProMOS, the report said. Infineon took out half-page ads in some of Taiwan's leading newspapers ahead of the board meeting, urging shareholders to vote for the company's board picks, according to the report.
Infineon still wants to work with ProMOS despite cancelling shareholder and production agreements with Mosel Vitelic towards the end of 2002. The softening of Infineon's stance comes ahead of a shareholder vote to decide the board of ProMOS, which was scheduled Jan. 10
Infineon confirmed a rift had developed between itself in October 2002, reprotedly over Mosel's use of its holding in ProMOS as collateral for loans
By: DocMemory
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