Osram shareholders vote for domination agreement with ams
With 99.77% of the voting rights represented, the Osram general meeting approved a domination and profit and loss transfer agreement with ams. The required quorum of at least 75% was therefore reached.
“This will enable Osram and ams together to forge the European global market leader in optical solutions,” says Osram’s CEO Olaf Berlien, in an update. Shareholders also confirmed the new appointments to the Supervisory Board, namely Hans-Peter Metzler, Thomas Stockmeier and Johann Eitner. Legal implementation of the domination and profit and loss transfer agreement is expected around the turn of the year. The agreement with majority shareholder ams must first be entered in the Munich commercial register. Before the extraordinary general meeting, ams held around 70% of the outstanding shares in Osram. The operational starting date for the combined company is expected to be in early 2021. Osram and ams will then be able to leverage synergies and promote new innovations and technologies together in a profitable company. ams is offering the remaining minority shareholders a compensation payment of EUR 45.54 per share.