BREAKING NEWS
This content is not available in your region

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

Access to the comments Comments
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   -   Copyright  LEONHARD FOEGER(Reuters)
Text size Aa Aa

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)

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.