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Siemens to move into e-commerce after flogging off chip company

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Siemens said today it will use the money it makes flogging off Infineon, the spin-off company formed from its semiconductor division, to buy US Internet companies. The company didn't say which Net businesses it had its corporate eye on, but if it makes as much out out Infineon as analysts expect, it should end up with up to $9 billion to spend, giving it scope to snap up a range of operations. Siemens said yesterday it is on course for the Infineon IPO in October at the earliest. In addition to Infineon, Siemens said it will use the proceeds from the sale of its Siemens Matsushita Components subsidiary to buy Internet firms too. ®

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