Frankfurt — Infineon has agreed to buy Cypress Semiconductors in a deal that values the US maker of microchips used in cars and electronic devices at €9bn including debt, sending shares in the German company sharply lower on concerns over the cost.

The cash offer of $23.85 per share represents a 46% premium to Cypress’ share price over the last month, the Munich-based maker of power-management chips said on Monday...

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