Although in smaller form, with Osram, one of the world's leading specialized lighting (cars, smartphones...), arouses the lusts thereof. In the beginning of the week, the austrian AMS, a specialist in optical sensors, offers 38,50 euros per share in Osram for take control. It is 10 % more than the offer paid by the fund, Bain and Carlyle. AllianzGI, the principal shareholder of Osram with 9.5% of the capital, managed to up the ante. He had rejected the offer from Bain and Carlyle, arguing that it undervalues Osram. This, against the foot of the supervisory board and the management board, which support it.
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The offer of AMS values the former lighting division of the giant Siemens at $ 4.3 billion. The Stock market has appreciated: the title Osram has gained 6.5% in the course of the session. The Chinese would stare at the folder. AMS has not yet filed a formal offer. The group expects the "nihil hobstat" of AllianzGI, without which nothing can be done. The offer to AMS is subject to the cancellation of the agreement known as the "cease-fire" agreement with Osram at the beginning of June, which did not allow AMS to submit a prior twelve months. Carlyle and Bain, including the offer runs until 5 September, did not react, waiting for the confirmation of the "come-back" to AMS.
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Some believe that the repurchase of Osram is not in its interest, given the level of indebtedness (424 million at the end of June 2019) of the target. AMS ensures to have financial guarantees, with HSBC and UBS, are necessary, and announced a further capital increase to bring in $ 1.5 billion of fresh funds. Despite several warnings on results, sales at half-mast due to the slowdown in the automotive market and a dependence on Apple, Osram interested. The company is well positioned on the technology markets of the future such as the autonomous car connected.Updated Date: 15 August 2019, 00:00