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Osram shares not so bright – economy
Outside the Frankfurt stock exchange, the bosses of German lighting maker Osram embraced a bull on…
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http://www.euronews.com/2013/07/08/osram-shares-not-so-bright
Outside the Frankfurt stock exchange, the bosses of German lighting maker Osram embraced a bull on Monday for a photo-op connected with its IPO, but the newly floated shares did not behave bullishly.
Eighty percent of the company is being spun off by its owner, engineering group Siemens.
The shares went on sale in the initial public offering at 24 euros each, but – for mostly technical reasons – slipped slightly when they started trading.
However chief executive Wolfgang Dehen was upbeat: “It’s a great market: the market for LED lights is set to grow 20 percent over the next 10 years, so there’s great potential for us. We’ve been in the LED market for 40 years and we are one of the companies that’s had a lot of influence on the market, and we will continue to do so.”
*’Snapshot’*
Osram’s finance chief Klaus Patzak was also unfazed by the price slide saying: “That is just a snapshot, the share price and the valuation will settle over the coming weeks.”
Monday’s share price decline had been on the cards as mutual funds whose investment guidelines limit them to blue-chip stocks in Germany’s DAX index have to sell their stock.
Osram had said last month in its listing prospectus that the listing could be accompanied by “considerable selling pressure”.
US owners of Siemens shares in the form of American Depositary Receipts (ADRs) are also not be able to keep the Osram shares, because the depositary banks are forced to sell the new shares and give the proceeds to the owners.
*Boost to Siemens*
Siemens’ shares rose as investors saw the shedding of loss-making Osram as a positive .
The world’s second-biggest lighting maker is restructuring, cutting 8,000 jobs by next year and closing 10 out of 43 factories.
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