August 12, 2019 / 6:59 AM / 4 months ago

Austria's AMS aims to wrap up Osram takeover in first-half 2020

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

VIENNA (Reuters) - Austrian sensor specialist AMS (AMS.S) aims to wrap up its planned takeover of German lighting group Osram (OSRn.DE) in the first half next year, its chief executive said on Monday.

The Swiss-listed group on Sunday triggered a bidding war for Osram, saying it was ready to pay $3.8 billion (£3.16 billion) for Osram’s shares, 10% more than finance investors Bain Capital and Carlyle (CG.O) have already offered.

“We plan to hold a shareholder meeting to approve to rights issue in the fourth quarter this year and we expect to close the (Osram) transaction in the first half 2020,” Alexander Everke said in a conference call.

Reporting by Kirsti Knolle; Editing by Edward Taylor

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