Citigroup went back into the market to sell its remaining 30 million shares in Infineon, the German semi-conductor manufacturer, below the price at which it offered to place some shares last week after having bid aggressively for the deal.

The US bank won the auction and was sole bookrunner for the sale of 150 million Infineon shares. Siemens, the German engineering group being advised by JP Morgan sold a 20% stake. Citigroup agreed a backstop - a confidential minimum price between the seller and the bank.