Wacker Chemie says to reduce stake in Siltronic

Company sign of Wacker Chemie AG is pictured in the south-east Bavarian town of Burghausen April 1, 2014. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) - German specialty chemicals maker Wacker Chemie WCHG.DE said on Tuesday it had started a sale process to reduce its 51.8 percent in its silicon wafers business Siltronic WAFGn.DE.

“Siltronic’s share price has risen strongly over the last 12 months and the stock is currently trading well above the IPO issue price of 30 euros in June 2015,” Rudolf Staudigl, Wacker Chemie AG’s chief executive said in a statement.

The company said it expected to have a stake of more than 30 percent after the sale. Pricing and allocation are expected before March 15, Wacker Chemie said.

Reporting by Harro ten Wolde. Editing by Jane Merriman