There is no question about financing the acquisition of Osram

Chip maker Styrian chief Alexander Everke has dismissed doubts about financing the acquisition of German lighting group Osram. “We are all firmly convinced that the acquisition will continue as planned,” Everke told Handelsblatt on Sunday. Closing is expected by the end of June.

“So we are the largest shareholder with more than 68 percent and we want to fill Osram’s Supervisory Board accordingly,” Everke told the newspaper. At the moment, the boss of ams doesn’t see any rush for the planned domination and the profit transfer agreement. “We can also change the Group in a direction that is important to us through the Supervisory Board,” Everke told the newspaper. The company continues to fight for such a contract.

According to ams, the dominance and profit transfer agreement requires the approval of an extraordinary general meeting of Osram with a majority of at least 75 percent of the votes cast. Everke told Handelsblatt that he also had the necessary funds to possibly increase the shares.

An agreement of domination and transfer of benefits is concluded between two companies. Administration is delivered to the holding company, the controlled company is subject to instructions. The controlled company must transfer all the annual profit during the term of the contract.

Chip company Styrian’s acquisition plans were not completed with the acquisition of Osram. “We will continue to buy additional companies in the future,” Everke told Handelsblatt.