February 11, 2020 / 12:23 PM / 17 days ago

AMS CFO expects Osram takeover to be completed in 12 to 18 months

ZURICH, Feb 11 (Reuters) - AMS expects to complete the protracted takeover of German lighting company Osram in the next 12 to 18 months, the Austrian sensor maker’s finance chief told Reuters on Tuesday.

“To get to a 100% share ownership [of Osram] it may take 12 to 18 months to get there,” Michael Wachsler-Markowitsch said. “We need to do the delisting, the squeeze out, that takes time.”

AMS hopes to invite Osram shareholders to an EGM in August where they will vote on a domination and profit and loss transfer agreement (DPLTA), which would give AMS full say over Osram’s finances and allow it to consolidate the company’s cash flow.

Wachsler-Markowitsch said AMS was pursuing the domination agreement to speed up the integration of the two companies and develop products together, not to help fund the $5 billion takeover bid.

“Our cash flow is very strong. We are fully financed, we are in a position to repay the financing with our own cash flow. We don’t need the Osram cash flow,” he said.

Reporting by John Revill, editing by Kirsti Knolle

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