Osram welcomes American takeover

GERMAN lighting giant Osram says it welcomes the takeover bid from two US-based finance houses.

Osram CEO Olaf Berlien, who backs the takeover, told the press that Bain and Carlyle were ‘the right partners for Osram at the right time’

The offer, from Boston-based Bain Capital and New York-based The Carlyle Group, values Osram at £3.4 billion (€3.8 billion) and proposes that the company’s headquarters remain in Munich.

Executives from Bain and Carlyle have presented their deal to the board of Osram, including their commitment to protect employees and factories, followed by a legally binding transaction offer for the public takeover of all the shares of Osram.

In a statement to the press, Osram said: ‘Following a diligent process with the best interests for the company, the shareholders and other stakeholders in the centre of consideration the managing board and supervisory board have decided to support this offer.

‘Osram and the consortium have also concluded an investor agreement that includes comprehensive commitments’. “

Osram CEO Olaf Berlien told the press: ‘Bain and Carlyle are the right partners for Osram at the right time’

‘They support our strategy and facilitate growth. Both are committed to our employees and offer shareholders an attractive premium.’

As part of the public takeover offer, shareholders are to be offered 35 euros per share in cash. This represents a premium of around 21 per cent above the last closing price of Osram shares before the publication of Osram’s announcement.

However, it’s long been known that Osram was in talks with Bain and Carlyle and this had an effect on the share price.

Last month Osram sold its Siteco luminaires business  – which makes lights for street lighting and sports, industrial and commercial applications – to Stern Steward Capital, the investment arm of Stern Steward & Co. based in Munich.

Osram said this was so that Osram could continue its focus on ‘smart lighting’, including lights connected to the so-called Internet of Things.

Osram chief Olaf Berlien described these areas as ‘applications with high growth potential’.

The luminaires – most of which are made in a factory in Traunreut, Germany – include high  bays, linear fittings, downlights, battens, trunking systems and specialist high-IP rated damp-proof lights.

Many have a heritage from Osram’s purchase of the Siteco brand in 2011. Siteco was originally part of Siemens – the parent company of Osram at the time – but was sold in 1997.

In 2016, Osram separated out its lamps division, Ledvance.

 

  • See technology from Osram at the LuxLive 2019 exhibition, taking place at ExCeL London on Wednesday 13 November and Thursday 14 November 2019. Entry is free - view the full programme and register free HERE.

 

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