March 16, 2004 – Wacker-Chemie’s Siltronic unit plans to raise up to 1.09 billion euros (roughly $1.34 billion) with its upcoming IPO of 57.5 million shares, making it one of the biggest IPOs in Germany in the last several years, according to the Financial Times and Deutsche Presse-Agentur.

Proceeds from the offering, tentatively scheduled for March 26, will be used to reduce the company’s ?660 million ($810 million) debt and to fund expansion. After the sale, parent company Wacker will own between 36%-44% of Siltronic, depending upon if underwriters exercise their options.