FRANKFURT, Germany (AP) -- Technology company Infineon AG on Tuesday rejected the German state of Saxony's offer to help rescue its memory chip unit Qimonda AG, but said it was open to further talks with the state government.
Officials from Saxony said earlier Tuesday that they were ready to provide Qimonda -- which has fallen on difficult times amid a market glut and decline in sales -- with euro150 million ($207 million) in capital, as long as the parent company also came up with euro150 million of its own cash to help the struggling unit.
A condition of the state aid was also that Qimonda production must remain in Dresden.
In a brief statement late Tuesday, Infineon said the conditions of Saxony's offer "widely surpassed the possibilities" which Infineon had previously outlined.
