Osram shareholders vote for domination agreement with ams
With 99.77 percent of the voting rights represented, the Osram general meeting today approved a domination and profit and loss transfer agreement with ams. The required quorum of at least 75 percent was therefore reached. “This will enable Osram and ams together to forge the European global market leader in optical solutions,” said Osram’s CEO Olaf Berlien. Shareholders also confirmed the new appointments to the Supervisory Board, namely Hans-Peter Metzler, Thomas Stockmeier and Johann Eitner.
Legal implementation of the domination and profit and loss transfer agreement is expected around the turn of the year. The agreement with majority shareholder ams must first be entered in the Munich commercial register. Before the extraordinary general meeting, ams held around 70 percent of the outstanding shares in Osram. The operational starting date for the combined company is expected to be in early 2021. Osram and ams will then be able to leverage synergies and promote new innovations and technologies together in a profitable company. ams is offering the remaining minority shareholders a compensation payment of 45.54 euros per share or a guaranteed annual payment of about five percent of the compensation amount (2.24 euros net / 2.57 euros gross).
ABOUT OSRAM
OSRAM, based in Munich, is a leading global high-tech company with a history dating back more than 110 years. Primarily focused on semiconductor -based technologies, our products are used in highly diverse applications ranging from virtual reality to autonomous driving and from smartphones to smart and connected lighting solutions in buildings and cities. OSRAM uses the endless possibilities of light to improve the quality of life for individuals and communities. OSRAM’s innovations enable people all over the world not only to see better, but also to communicate, travel, work and live better. OSRAM has approximately 23,500 employees worldwide as of end of fiscal 2019 (September 30) and generated revenue of about 3.5 billion euros from continuing activities. 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.com.
Disclaimer
This document contains statements and information pertaining to our future business and financial performance and future developments that may constitute forward-looking statements – i.e. statements about processes that take place in the future, not in the past. These statements pertaining to the future can be identified by expressions such as "anticipate", "expect", "want", "intend", "plan", "believe", "aspire", "estimate", "will”, "predict" or words of similar meaning. Such statements are based on current expectations and certain assumptions of OSRAM‟s management. They are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are outside the control of OSRAM, have an influence over OSRAM's business activities, achievement, business strategies and results. These factors may cause the actual results to differ materially from the statements of OSRAM, successes and achievements to results, performance or achievements expressed or implied in the forward-looking statements or on the basis of earlier trends can be expected. These factors include in particular, but are not limited to, the matters described in the chapter “Report on Risks and Opportunities” in the Annual Report of OSRAM Licht Group. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of OSRAM may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. OSRAM neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures they reference