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BREAKING NEWS

Austria's AMS fails to complete 4.5 billion eur takeover of Osram

Austria's AMS fails to complete 4.5 billion eur takeover of Osram
The Logo of Austrian sensor specialist AMS is seen on their factory in Unterpremstaetten, Austria October 3, 2019. REUTERS/Leonhard Foeger -
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LEONHARD FOEGER(Reuters)
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VIENNA (Reuters) – Austrian AMS <AMS.S> <AMS.VI> on Friday said it had failed to reach a required threshold for completing a takeover of German lighting group Osram <OSRn.DE> shareholders.

AMS said managed to secure backing from only 51.6% of Osram shareholders, instead of the required 62.5% level.

AMS had fought a fierce takeover battle for the leader in automotive lighting with private equity groups and upped its bid a week ago, days before the acceptance period expired.

Separately, Osram on Friday said it has invited AMS’s management to engage in discussions on a meaningful and mutually beneficial collaboration.

(Reporting by Kirsti Knolle; Editing by Edward Taylor)

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