Osram resolves share buyback
At its regular meeting on Tuesday, the supervisory board of OSRAM Licht AG approved the managing board’s proposal to implement a comprehensive share buyback. The buyback will probably start in the first quarter of CY2016 and shall be executed within twelve to 18 months. Up to 9.81 percent of the capital stock is to be repurchased, subject to a maximum spend on shares totaling €500 million. The managing board is keeping all options open as to the use of the acquired shares. The action complements the proposed dividend of €0.90 per share, which is to be submitted to the Annual General Meeting in February 2016. “Following the announcement of our pension plan funding, which considers the interests of our employees, the share buyback combined with the dividend is a strong commitment to Osram’s policy of ensuring shareholder value,” said Chief Financial Officer Klaus Patzak.
OSRAM, based in Munich, is a globally leading lighting manufacturer with a history dating back more than 100 years. The portfolio ranges from high-tech applications based on semiconductor technology, such as infrared or laser lighting, to smart and connected lighting solutions in buildings and cities. OSRAM had around 33,000 employees worldwide at the end of fiscal 2015 (September 30) and generated revenue of almost €5.6 billion in that fiscal year. The company is listed on the stock exchanges in Frankfurt and Munich (ISIN: DE000LED4000; WKN: LED 400; trading symbol: OSR). Additional information can be found at www.osram-group.com.
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