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Infineon shares rally 7.4% on U.S. approval for Cypress deal

Reuters
The logo of semiconductor manufacturer Infineon is seen at its Austrian headquarters in Villach

BERLIN (Reuters) - Shares in Infineon Technologies <IFXGn.DE> rallied hard in early Tuesday trading after a U.S. national security review raised no concerns over its proposed $10 billion (7 billion pounds) takeover of Cypress Semiconductor Corp <CY.O>.

Infineon shares were up 7.4%, retracing some ground lost since a report last week that the Committee on Foreign Investment in the United States (CFIUS) had advised President Donald Trump to block the deal on national security grounds.

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(Reporting by Douglas Busvine; Editing by Riham Alkousaa)