Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Bain Capital considers takeover bid for Germany's Osram - Bloomberg

Bain Capital considers takeover bid for Germany's Osram - Bloomberg
FILE PHOTO: Logo of lamp manufacturer Osram is pictured during official opening of the company 'World of light' showroom in Munich, Germany, October 24, 2017. REUTERS/Michaela Rehle/File Photo -
Copyright
MICHAELA REHLE(Reuters)
Euronews logo
Text size Aa Aa

BERLIN (Reuters) – Shares in Osram <OSRn.DE> rose almost 15 percent on Tuesday after Bloomberg reported that private equity firm Bain Capital was exploring a takeover bid for the German lighting group, citing people with knowledge of the matter.

Osram declined to comment.

Bain is working with financial advisers in assessing a business with a market value of almost 3.9 billion euros (3.46 billion pounds), the report said.

Bloomberg added that other potential suitors including rival buyout firms were also looking at the former Siemens <SIEGn.DE> unit, though the interest might not ultimately result in a deal.

Osram’s shares were up 14.3 percent to 38.62 euros at 1045 GMT.

The Munich-based company has twice cut profit guidance this year, citing sluggish demand from automakers holding off buying LED lights amid uncertainty over new car testing standards and the trade conflict between the United States and China.

(Reporting by Thomas Seythal; additional reporting by Alexander Huebner in Munich; Editing by Keith Weir)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.