|Bid||32.70 x 25900|
|Ask||32.80 x 17000|
|Day's Range||32.44 - 33.64|
|52 Week Range||20.50 - 48.08|
|Beta (5Y Monthly)||0.98|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 07, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 20, 2019|
|1y Target Est||42.81|
The supervisory board of OSRAM Licht AG has appointed Kathrin Dahnke (59) as a member of the Management Board. Effective April 16, she will be responsible for the financial business of the high-tech company. Dahnke was most recently a member of the Management Board of the Neuss-based conglomerate Werhahn KG, which operates in the fields of building materials, consumer goods and financial services. "Kathrin Dahnke has extensive experience with medium-sized as well as listed companies in transformation. She has gained great recognition in the industry as a versatile and crisis-tested financial manager and supervisory board member," said Peter Bauer, chairman of the supervisory board of OSRAM Licht AG. "We are delighted that she is taking on the continuing challenges facing our company with her proven financial expertise."
(Bloomberg Opinion) -- HSBC Holdings Plc and UBS Group AG are having their loyalty to Austrian tech group AMS AG tested. The investment banks led the underwriting of a 1.8 billion-Swiss franc ($1.9 billion) share sale to support its takeover of German lighting group Osram Licht AG. That backstop became real yesterday after AMS’s shareholders failed to support the fundraising in full, leaving up to 38% of the shares having to be purchased by the banks.True, majority take-up is impressive in this market. The underwriters were also able to offload some of the residual holding overnight. But the fact remains that the banking syndicate was still left with shares worth around 500 million francs at the current market price, and a roughly 25 million-franc paper loss (ignoring their fees). And that’s not all. Having also lent to AMS to fund the rest of the 4 billion-euro ($4.4 billion) acquisition, the financing group now has a large debt and equity exposure to a single client. That ties up financial capacity at a time when other customers are drawing down credit lines.Investors are already testing the lenders’ tolerance for taking losses on the position. One tricky question now is the price at which the banks could unload such a large stake. Maybe there are some insurance arrangements with hedge funds to mop it up, but these could already have been exhausted. Or maybe a big strategic investor or activist could come to the rescue. There’s a chance to grab a big stake in AMS, which makes sensors and supplies the smartphone industry, on the cheap.Recall that it was a struggle to get this takeover deal over the line. After some work, AMS got to 60% of acceptances from Osram holders. It should now be relieved it secured more financing than it actually needed. Investors, largely hedge funds, held back some of their Osram shares hoping to hold AMS to ransom if it wanted to raise its position to 75% (or close enough to win such support in a shareholder vote). That’s the level where the Austrian company can get direct access to Osram’s cash flows so long as it agrees to pay a chunky dividend to remaining holdouts. AMS has no incentive to enter such an expensive operation today given Osram’s cash flow is going to be pretty weak this year.Is this just bad luck for all concerned? The situation was foreseeable in general, if not the specifics. The underwriting terms were fixed after the coronavirus had become a clear threat to global health and economic activity. The board of Osram voiced concerns about developments that could derail the fundraising. One risk was that the rights offer wouldn’t go ahead at all and AMS would have to pay for the deal entirely in debt. As it happens, AMS got the cash, but its business will now be under more pressure due to the impact of the pandemic-provoked global downturn. Still, its problems are now shared with shareholders in HSBC, UBS and those Osram investors who gambled on a very different outcome.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Banks including UBS and HSBC are set to be stuck with a $550m (SFr528m) stake in Austrian sensor maker AMS, after a rights issue to help pay for its takeover of Germany’s Osram received a frosty reception from the stock market. Shares in AMS fell more than 8 per cent on Wednesday to SFr8.75 in Swiss trading, well below the SFr9.20 at which the new stock was underwritten by banks and offered to investors. UBS and HSBC were the lead underwriters on the AMS rights issue, which raised $1.81bn (SFr1.75bn).
In another volatile session, European stocks closed higher Thursday after the European Central Bank and then the Bank of England surprised markets by unveiling major asset-purchase programs to combat the financial difficulties caused by the coronavirus outbreak.
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Austrian sensor company AMS launched a new takeover bid for Germany Osram Licht , offering 41 euros a share and setting a lower minimum acceptance threshold of 55% for the deal to go through. Osram welcomed the offer, saying it was in constructive discussions with AMS, after rivals Advent and Bain Capital dropped out of contention. AMS, maker of the sensor array that unlocks the Apple iPhone using facial recognition, built up a stake of 19.99% in Osram via an earlier offer at the same valuation that failed to win the support of enough shareholders.