Recapitalisation of Franco-Italian chipmaker SGS Thomson Microelectronics NV is becoming a hot potato: on Friday, Thomson-CSF SA chairman Alain Gomez declined comment on a published report that the French defence electronics company would inject some $200m into the company, in which it holds 45%, but would see its stake fall to 25%, with French state-owned utilities France Telecom and Commisariat a l’Energie Atomique buying 25% in a total recapitalisation of $820m or so; then on Monday Italian state holding company Istituto per la Ricostruzione Industriale SpA said it did not consider its 45% stake in the company strategic and had advised the government to find other partners, and that it did not have the resources to dedicate to it; but yesterday Industry Minister Giuseppe Guarino said that Italy would take part in the recapitalisation; Thorn EMI Plc, which received the remaining 10% shareholding in return for contributing Inmos International Plc to the company, is not expected to become involved.
