BERLIN (AP) -- Industrial conglomerate Siemens AG has announced plans to shed a majority stake in its Osram unit, which makes light bulbs, in a spinoff to shareholders.
Siemens said Wednesday that its supervisory board will propose spinning off 80.5 percent of Osram, followed by a public listing of the division. It said existing Siemens shareholders will get one Osram share for every 10 Siemens shares they hold.
The company didn't specify when it hopes to conduct the spinoff. The plan will need approval by its annual shareholder meeting in January.
It said it will retain 17 percent of Osram, and the Siemens Pension Trust will hold 2.5 percent.
Siemens said in July that, because of the difficult market environment, it had scrapped previous plans for an outright stock market listing.