Siemens shareholders pave way for Osram listing

Posted on 31, January 2013 by | This entry was posted in Business, Electronics & Machinery, Energy, Gas & Oil, Financial, Germany, Industrial, Investment, Technology. Bookmark the permalink.
  • 98.21 percent of shareholders at Annual Shareholders’ Meeting approve spinoff
  • Siemens shareholders to receive one additional share of OSRAM Licht AG for every ten Siemens shares
  • Initial listing on stock exchanges in Frankfurt and Munich in April at the earliest

Munich, Germany, 31-1-2013 — /europawire.eu/ — At today’s Annual Shareholders’ Meeting in Munich, shareholders of Siemens AG voted overwhelmingly to approve Osram’s planned spinoff. The measure was endorsed by 98.21 percent of the valid votes cast. A 75 percent majority was required.

“Our shareholders have made an important decision. As a publicly listed company, Osram will have direct access to the capital market and the opportunity to sharpen its public profile,” said Siemens President and CEO Peter Löscher. “In our view, Osram stock will be an attractive investment and an interesting, independently tradable asset.” Wolfgang Dehen, Chairman of the Managing Board of OSRAM Licht AG, added: “Today’s vote was a milestone on our path to the stock market. As an independent company, Osram will be able to further secure and expand its leading position on the global lighting market.”

The spinoff will take effect as soon as it is entered in the German Commercial Registers, a step that is expected to take place in April of this year at the earliest. Osram shares are then to be immediately admitted to trading in the Regulated Market of the stock exchanges in Frankfurt and Munich as well as in the Prime Standard of the Frankfurt Stock Exchange. For every ten Siemens shares that they hold, Siemens shareholders will receive, in addition, one share of OSRAM Licht AG. The Osram share price will then be determined by supply and demand on the first day of stock market trading. Following the spinoff, the Siemens share price – adjusted for Osram – will also be determined in stock market trading. After the spinoff, Siemens AG intends to hold a 17 percent stake in Osram. The Siemens Pension Trust is to receive a 2.5 percent stake in the new company.

Headquartered in Munich, Germany, Osram is one of the world’s top two lighting manufacturers. The company’s porfolio covers the entire value chain from components – including lamps and opto semiconductors such as light-emitting diodes (LEDs) – to electronic control gear and complete luminaires, light management systems and lighting solutions. With around 39,000 employees worldwide, Osram generated revenue of €5.4 billion in fiscal 2012 (ended September 30, 2012). Energy-efficient products account for more than 70 percent of the company’s revenue.
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Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is the world’s largest provider of environmental technologies. Around 40 percent of its total revenue stems from green products and solutions. In fiscal 2012, which ended on September 30, 2012, revenue from continuing operations totaled €78.3 billion and income from continuing operations €4.9 billion (incl. IAS19R). At the end of September 2012, Siemens had around 370,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: www.siemens.com.

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expects,” “looks forward to,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to stockholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens’ control, affect Siemens’ operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key information – Risk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter “Risks” of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter “Report on risks and opportunities” of our most recent interim report. Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens website, www.siemens.com, and on the SEC’s website, www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of Siemens may vary materially from those described in the relevant forward-looking statement as being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens 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.

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