UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                  SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                (AMENDMENT NO. 1)*


                            Infineon Technologies AG
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                   D35415-10-4
            --------------------------------------------------------
                                (CUSIP Number)

                               December 31, 2004
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)
                                          

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

   / /       Rule 13d-1(b)
   /X/       Rule 13d-1(c)
   / /       Rule 13d-1(d)


*The remainder of this cover page shall be filled out for a reporting 
person's initial filing on this form with respect to the subject class of 
securities, and for any subsequent amendment containing information which 
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be 
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange 
Act of 1934 ("Act") or otherwise subject to the liabilities of that section 
of the Act but shall be subject to all other provisions of the Act (however, 
see the Notes).


                                       Page 1
                                     of 11 Pages



                                     SCHEDULE 13G

CUSIP NO. D35415-10-4                                        Page 2 of 11 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Global Markets Limited
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                      London, England


                                                                       
-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES                                                                
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                   4,069,926*

       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING                                                               
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER              4,069,926*

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     4,069,926*

-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    0.5%*

-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             BD


                                                                             
-------------------------------------------------------------------------------
* Assumes conversion/exercise of certain securities held.



                                     SCHEDULE 13G

CUSIP NO. D35415-10-4                                        Page 3 of 11 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Global Markets Europe Limited
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                      London, England



-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                   4,069,926*

       OWNED BY
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER              4,069,926*

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     4,069,926*

-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    0.5%*

-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             HC


                                                                             
-------------------------------------------------------------------------------
* Assumes conversion/exercise of certain securities held.



                                     SCHEDULE 13G

CUSIP NO. D35415-10-4                                        Page 4 of 11 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Global Markets International LLC
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                             Delaware


                                                                       
-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES                                                                
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                   4,069,926*

       OWNED BY                                                      
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING                                                               
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER              4,069,926*

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     4,069,926*

-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    0.5%*

-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                            CO


-------------------------------------------------------------------------------
* Assumes conversion/exercise of certain securities held.



                                     SCHEDULE 13G

CUSIP NO. D35415-10-4                                        Page 5 of 11 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Financial Products Inc.
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                              Delaware



-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES                                                                
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                   4,074,080*

       OWNED BY                                                      
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING                                                               
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER              4,074,080*

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     4,074,080*

-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    0.5%*

-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                             CO


-------------------------------------------------------------------------------
* Assumes conversion/exercise of certain securities held.



                                     SCHEDULE 13G

CUSIP NO. D35415-10-4                                        Page 6 of 11 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Global Markets Holdings Inc.
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                             New York


                                                                       
-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES                                                                
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                   4,074,080*

       OWNED BY                                                      
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING                                                               
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER              4,074,080*

        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     4,074,080*

-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    0.5%*

-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                            HC


-------------------------------------------------------------------------------
* Assumes conversion/exercise of certain securities held.




                                     SCHEDULE 13G

CUSIP NO. D35415-10-4                                        Page 7 of 11 Pages


-------------------------------------------------------------------------------
 (1) NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Citigroup Inc.
-------------------------------------------------------------------------------
 (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

                                                                       (a)  / /
                                                                       (b)  / /
-------------------------------------------------------------------------------
 (3) SEC USE ONLY



-------------------------------------------------------------------------------
 (4) CITIZENSHIP OR PLACE OF ORGANIZATION                             Delaware


                                                                       
-------------------------------------------------------------------------------
       NUMBER OF           (5) SOLE VOTING POWER                              0

        SHARES                                                                
                           ----------------------------------------------------
     BENEFICIALLY          (6) SHARED VOTING POWER                   7,289,529*
                                                                             **
       OWNED BY                                                      
                           ----------------------------------------------------
        EACH               (7) SOLE DISPOSITIVE POWER                         0

      REPORTING                                                               
                           ----------------------------------------------------
       PERSON              (8) SHARED DISPOSITIVE POWER              7,289,529*
                                                                             **
        WITH:
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON     7,289,529*
                                                                             **

-------------------------------------------------------------------------------
(10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE 
     INSTRUCTIONS)  / /


-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                    1.0%*
                                                                             **

-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)                            HC


-------------------------------------------------------------------------------
*  Assumes conversion/exercise of certain securities held.
** Includes shares held by the other reporting persons.



Item 1(a).     Name of Issuer:

               Infineon Technologies AG

Item 1(b).     Address of Issuer's Principal Executive Offices:

               St.-Martin-Strasse 53
               D-81541 Munich
               Federal Republic of Germany

Item 2(a).     Name of Person Filing:

               Citigroup Global Markets Limited ("CGML")
               Citigroup Global Markets Europe Limited ("CGMEL")
               Citigroup Global Markets International LLC ("CGMIL")
               Citigroup Financial Products Inc. ("CFP")
               Citigroup Global Markets Holdings Inc. ("CGM Holdings")
               Citigroup Inc. ("Citigroup")

Item 2(b).     Address of Principal Office or, if none, Residence:

               The address of the principal office of CGML, CGMEL and
               CGMIL is:

               Citigroup Centre, Canada Square
               Canary Wharf, London E14 5LB

               The address of the principal office of both CFP and
               CGM Holdings is:

               388 Greenwich Street
               New York, NY 10013

               The address of the principal office of Citigroup is:

               399 Park Avenue
               New York, NY 10043

Item 2(c).     Citizenship or Place of Organization:

               CGML and CGMEL are chartered in London, England.

               CGM Holdings is a New York corporation.

               CGMIL, CFP and Citigroup are Delaware corporations.

Item 2(d).     Title of Class of Securities:

               Ordinary Shares

Item 2(e).     CUSIP Number:

               D35415-10-4

                                       Page 8
                                     of 11 Pages


Item 3.      If This Statement is Filed Pursuant to Sections 240.13d-1(b) or
             240.13d-2(b) or (c), Check Whether the Person Filing Is a(n):


             (a)  [ ] Broker or dealer registered under Section 15 of the 
                      Act (15 U.S.C. 78o);

             (b)  [ ] Bank as defined in Section 3(a)(6) of the Act 
                      (15 U.S.C. 78c);

             (c)  [ ] Insurance company as defined in Section 3(a)(19) of 
                      the Act (15 U.S.C. 78c);

             (d)  [ ] Investment company registered under Section 8 of the 
                      Investment Company Act of 1940 (15 U.S.C. 80a-8);

             (e)  [ ] Investment adviser in accordance with Section
                      240.13d-1(b)(1)(ii)(E);

             (f)  [ ] Employee benefit plan or endowment fund in accordance 
                      with Section 240.13d-1(b)(1)(ii)(F);

             (g)  [ ] Parent holding company or control person in accordance
                      with Section  240.13d-1(b)(1)(ii)(G);

             (h)  [ ] Savings association as defined in Section 3(b) of the 
                      Federal Deposit Insurance Act (12 U.S.C. 1813);

             (i)  [ ] Church plan that is excluded from the definition of an 
                      investment company under Section 3(c)(14) of the 
                      Investment Company Act of 1940 (15 U.S.C. 80a-3);

             (j)  [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).


Item 4.   Ownership. (as of December 31, 2004)

             (a) Amount beneficially owned: See item 9 of cover pages

             (b) Percent of class: See item 11 of cover pages

             (c) Number of shares as to which the person has:

               (i) Sole power to vote or to direct the vote:

               (ii) Shared power to vote or direct the vote:

               (iii) Sole power to dispose or to direct the disposition of:

               (iv) Shared power to dispose or to direct the disposition of:

                See Items 5 to 8 of cover pages




                                        Page 9
                                     of 11 Pages


Item 5.   Ownership of Five Percent or Less of a Class.

          If this statement is being filed to report the fact that as of the 
          date hereof the reporting person has ceased to be the beneficial owner
          of more than five percent of the class of securities, check the
          following [X].

Item 6.   Ownership of More Than Five Percent on Behalf of Another Person.

          Not Applicable.

Item 7.   Identification and Classification of the Subsidiary which Acquired 
          the Security being Reported on by the Parent Holding Company.

          CGMEL is the sole stockholder of CGML. CGMIL is the majority 
          stockholder of CGMEL. CFP is the sole member of CGMIL. CGM Holdings 
          is the sole stockholder of CFP. Citigroup is the sole stockholder of 
          CGM Holdings.

Item 8.   Identification and Classification of Members of the Group.

          Not Applicable.

Item 9.   Notice of Dissolution of Group. 

          Not Applicable.




                                       Page 10
                                     of 11 Pages



Item 10.  Certification.

          By signing below I certify that, to the best of my knowledge and 
belief, the securities referred to above were not acquired and are not held 
for the purpose of or with the effect of changing or influencing the 
control of the issuer of the securities and were not acquired and are not 
held in connection with or as a participant in any transaction having that 
purpose or effect.

SIGNATURE.

          After reasonable inquiry and to the best of my knowledge and 
belief, I certify that the information set forth in this statement is true, 
complete and correct.

Dated: February 10, 2005


                      CITIGROUP GLOBAL MARKETS LIMITED


                      By: /s/ Andrew M. Gaulter
                         --------------------------------------------
                         Name:  Andrew M. Gaulter
                         Title:  Secretary


                      CITIGROUP GLOBAL MARKETS EUROPE LIMITED


                      By: /s/ Andrew M. Gaulter
                         --------------------------------------------
                         Name:  Andrew M. Gaulter
                         Title:  Secretary


                      CITIGROUP GLOBAL MARKETS INTERNATIONAL LLC


                      By: /s/ Andrew M. Gaulter
                         --------------------------------------------
                         Name:  Andrew M. Gaulter
                         Title:  Secretary


                      CITIGROUP FINANCIAL PRODUCTS INC.


                      By: /s/ Serena D. Moe
                         --------------------------------------------
                         Name:   Serena D. Moe
                         Title:  Assistant Secretary


                      CITIGROUP GLOBAL MARKETS HOLDINGS INC.


                      By: /s/ Serena D. Moe
                         --------------------------------------------
                         Name:  Serena D. Moe
                         Title:  Assistant Secretary


                       CITIGROUP INC.


                      By: /s/ Serena D. Moe
                         --------------------------------------------
                         Name:  Serena D. Moe
                         Title:  Assistant Secretary



                                Page 11
                              of 11 Pages



                          EXHIBIT INDEX TO SCHEDULE 13G
                          -----------------------------



EXHIBIT 1
---------

Agreement among CGML, CGMEL, CGMIL, CFP, CGM Holdings and Citigroup as to 
joint filing of Schedule 13G.