As we reported earlier, Siemens(SI) board was meeting today to discuss moving forward with the spinoff of its Osram lighting division. Today, the company announced that the board will propose the spinoff to shareholders at its Annual General Meeting on January 23. The plan requires 75% approval at the AGM.
The company will be distributing 80.5% of Osram to its shareholders, one share of Osram for every ten Siemens shares held. The company will retain 17%, and 2.5% will be held by the Siemens pension plan. No word on the rumored restructuring and job cuts to take place prior to the spinoff.
Disclosure: The author holds no position in any stock mentioned
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- Siemens to spin off majority in Osram unit (miamiherald.com)