FRANKFURT, Germany (AP) _ Siemens AG said Monday it has sold 150 million shares in its former subsidiary Infineon, reducing its stake in the chip maker to about 19 percent and earning the German electronics and engineering giant 600 million euros ($770 million).

Siemens, which said it previously held just below 40 percent of Infineon, has long said it wants to reduce its stake in the company.

The shares will be offered in a range of 12 euros($15.40) to 12.25 euros ($15.60), compared to a book value in Siemens' accounts of below 8 euros ($10.35) a share, company spokesman Peter Gottal said.

That will allow Siemens to book 600 million euros ($770 million) profit in the fiscal second quarter of 2004, he said.

The news sent Infineon shares tumbling, and they closed down 6.7 percent on the Frankfurt exchange at 11.61 euros ($14.90). Siemens shares closed down 0.6 percent at 67.15 euros ($86.17).