Siemens to spin off 80.5% of Osram with plans for future market listing
November 30, 2012, 12:35 am TWN
FRANKFURT -- German industrial giant Siemens said Wednesday it will spin off 80.5 percent of its lighting unit Osram with a view to proceeding with the long-planned stock market listing of the subsidiary later.
Siemens said in a statement its supervisory and managing boards would ask shareholders at the annual meeting on Jan. 23 to approve a "spinoff of 80.5 percent of Osram activities followed by Osram's public listing."
Under the terms of the transaction, Siemens shareholders would receive one Osram share for every 10 Siemens shares held, the statement said.