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Osram Has Agreed With Its Majority Shareholder AMS

The lighting specialist Osram has agreed on a domination and profit transfer agreement with its majority shareholder AMS.

Osram Has Agreed With Its Majority Shareholder AMS
Yazar: Tom Roberts

Yayınlanma: 23 Eylül 2020 01:10

Güncellenme: 23 Kasım 2024 09:32

Osram Has Agreed With Its Majority Shareholder AMS

The lighting specialist Osram has agreed on a domination and profit transfer agreement with its majority shareholder AMS. However, this must be approved by an extraordinary general meeting on November 3rd. In a valuation report prepared for this purpose, Osram is estimated at a good 4.3 billion euros.
"The implementation of the domination and profit-and-loss transfer agreement enables AMS and Osram to be quickly and successfully integrated into a joint company that offers long-term profitable growth," said AMS boss Andreas Everke. With the contract, AMS can govern Osram and skim off the profits of the Munich subsidiary, but must also compensate for its losses. On this basis, the Austrian sensor specialist AMS will submit a compensation offer of EUR 44.65 per Osram share to the outstanding shareholders. That is significantly more than the 41 euros with which AMS had previously secured 71 percent of Osram. The Osram share went from trading on Tuesday at 43.40 euros - but rose to more than 47 euros in after-hours trading. Those who do not accept the compensation offer and keep their Osram shares should receive an annual guaranteed dividend of 2.24 euros net (2.57 euros gross), as the lighting technology specialist announced. Calculated on the closing price, this would be a dividend yield of more than five percent. Osram spoke of an increase in value of more than 1.8 billion euros since the IPO in 2013. Crisis mastered better than expected "Our growth story continues and we see a significant recovery coming as early as 2021," said Osram CEO Olaf Berlien. "The experts confirm that we are on the course with which we have long mastered the transformation and, most recently, the doldrums in the auto industry and the corona crisis." The valuation report included the fact that Osram expects comparable sales growth of between six and ten percent, an adjusted operating margin (Ebitda) of nine to eleven percent and a free cash flow that will be at least balanced and at most for the 2020/21 financial year beginning in September reached a low double-digit million euro amount. After Osram got through the crisis more lightly than expected, expectations for the financial year 2019/20 (ending September 30) were recently raised again. With a sales decline of 14 percent to around three billion euros, Osram expects an adjusted operating result (Ebitda) of around 240 million euros.
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