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MarketScreener Homepage  >  Equities  >  Xetra  >  OSRAM Licht AG    OSR   DE000LED4000

OSRAM LICHT AG

(OSR)
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AMS already has potential buyers for Osram's digital business - CEO

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09/12/2019 | 06:17am EDT
German lighting manufacturer Osram

VIENNA (Reuters) - AMS already has a list of potential strategic buyers for Osram's digital business it could talk to if it succeeds in purchasing the German lighting group, the chief executive of the Austrian sensor specialist said.

AMS wants to take over the much bigger leader in automotive lighting to create a heavyweight in sensor solutions and photonics and has said that if it was successful, it would look for a buyer for Osram's digital business.

"We do have a list of potential strategic buyers for Osram's digital business," Alexander Everke told German weekly Wirtschaftswoche in an interview published on Thursday.

However, AMS "has not held any talks" with potential buyers yet, he said, adding that no Chinese firms were among the interested parties. "I can rule that out a 100%."

Osram's digital unit includes businesses that focus on electronic components and lighting systems as well as software for lighting management.

In 2017, it acquired Boston-based Digital Lumens, which specialises in energy-efficient lighting and sensor- and software-based services such as asset tracking. The division also offers stage and studio lighting, façade illumination and lighting for indoor plant cultivation.

The unit's third quarter revenues fell by 12.5% to 227 million euros (202.82 million pounds), but it lost money at the core profit level.

Everke said that AMS and Osram together would go through Osram's product portfolio to decide on future investments.

A combination of Osram's opto semiconductors unit, which commissioned an LED chip production site in Kulim, Malaysia, in 2016, with AMS would have implications for the Asian location, the chief executive said.

"We expect to cut jobs in Kulim, Asia, in this division," Everke said.

Osram's opto semiconductors unit employs around 1,500 staff in Kulim, and around 11,000 in total in Asia, according to a spokesman for the Munich-based group.

Other locations in Asia would be evaluated as well and jobs would probably be cut, the AMS CEO said. He reiterated that no job cuts were planned in Germany.

Osram has around 24,000 staff working in more than 100 countries and more than 20 production facilities worldwide, the spokesman said. Around 6,000 of them are employed in Germany.

AMS is offering 38.50 euro per share for Osram, which is 10% above the price offered by buyout firms Bain Capital and Carlyle.

The acceptance period runs until Oct. 1. Either bidder needs to convince 70% of Osram investors to be successful.

(Reporting by Kirsti Knolle; Editing by Thomas Seythal and Deepa Babington)

Stocks mentioned in the article
ChangeLast1st jan.
AMS 4.09% 45.37 Delayed Quote.84.80%
OSRAM LICHT AG -0.32% 40.06 Delayed Quote.5.99%
THE CARLYLE GROUP L.P. -1.60% 27.08 Delayed Quote.71.94%
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Financials (EUR)
Sales 2019 3 484 M
EBIT 2019 -40,0 M
Net income 2019 -181 M
Debt 2019 269 M
Yield 2019 2,76%
P/E ratio 2019 -21,1x
P/E ratio 2020 43,6x
EV / Sales2019 1,16x
EV / Sales2020 1,12x
Capitalization 3 785 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 39,42  €
Last Close Price 40,19  €
Spread / Highest target 74,2%
Spread / Average Target -1,91%
Spread / Lowest Target -27,8%
EPS Revisions
Managers
NameTitle
Olaf Berlien Chief Executive Officer
Peter Bauer Chairman-Supervisory Board
Ingo Bank Chief Financial Officer
Stefan Horst Michael Kampmann Chief Technology Officer
Christine Bortenlänger Independent Member-Supervisory Board
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