There have been rumors for a while in the German financial press (Frankfurter Allgemeine etc) that infineon would spin off it's dram division or IPO it. This would not be an easy thing to do as they produce about 40% of Infineon's revenue.

In the Denali Memory Report(DMR) this month there is also a section on this:

Infineon Stands Pat in DRAMs…so
says Manager Magazine
Putting to rest the latest rumor that it
would vacate its DRAM market position
by spinning off the DRAM unit
with a Fall 2005 IPO, Infineon's CEO
Wolfgang Ziebart has told Manager
Magazine that he has no such plans,
but cautiously being quoted as, “the
measures that outsiders recommend
are not appropriate.” This leaves him
an opening to suggest any 'alternative
solution.' to Infineon's DRAM
financial problems, and many options
are being bandied about the industry,
among them a possible merger of
DRAM operations with Nanya, with
whom Infineon already shares common
DRAM technology roadmap and
a Joint Venture fab in Taiwan....

Cheers
Cor