Munich court clears path for listing of Siemens' Osram
MUNICH, Germany, April 10
MUNICH, Germany, April 10 (Reuters) - A Munich court on Wednesday said German engineering group Siemens can move forward with plans to spin off lighting unit Osram despite legal action taken by a handful of investors.
Siemens is selling off Osram as part of a restructuring which includes shedding less profitable businesses and seeking 6 billion euros ($7.8 billion) of savings.
But it said last month it would not be able to spin off its lighting division in April, the earliest date for the planned listing, because some investors had lodged a legal complaint, thus blocking the necessary registration of the unit.
The court said on Wednesday that the legal action would not prevent entry into the register.
The investors that took Siemens to court cited acoustic problems at the meeting in the Olympia Halle in Munich in January at which the spin-off and listing was approved.