FRANKFURT Feb 24 A group of investors plans to
challenge German industrial conglomerate Siemens'
move to spin off its lighting division Osram, German paper
Frankfurter Allgemeine Zeitung reported, without saying where it
obtained the information.
Nine unidentified investors on Monday plan to file a lawsuit
which could lead to a delay in the planned listing of Osram,
because the division cannot become registered while the lawsuit
is ongoing, the paper said.
Shareholders agreed at a meeting on Jan. 23 to spin off 80.5
percent of Osram, which has a book value of 2.3 billion euros
($3 billion). Siemens investors would receive one Osram share
for each ten Siemens shares they hold.
The nine investors plan to argue that Siemens did not
conduct the shareholder meeting properly because of acoustics
problems, as Chief Financial Officer Joe Kaeser partly spoke in
an inaudible manner, Frankfurter Allgemeine Zeitung reported.
Siemens was not immediately available to comment.
Osram generates annual sales of about 5 billion euros and
has about 39,000 employees worldwide. Its lamps are used to
light up Disneyland Paris, the Hippodrom beer tent at Munich's
Oktoberfest and the Arena Corinthians in Sao Paulo, which will
host the opening match of the 2014 World Cup soccer tournament.
($1 = 0.7598 euros)
(Reporting by Peter Dinkloh; Editing by Mark Potter)