January 28, 2020 / 7:11 AM / 21 days ago

Austria's AMS to place its entire treasury stock of 3.35 million shares

ZURICH, Jan 28 (Reuters) - Austria’s AMS plans to place its entire treasury stock of 3.35 million shares before its upcoming rights issues, the sensor company said on Tuesday.

The shares will be allocated via a private placement to selected institutional investors, it said. It expects the transaction to be completed before the upcoming rights issue that shareholders approved last week.

The placement is aimed at broadening AMS’s shareholder base and preventing dilution of existing shares, the company said, as treasury shares are not granted subscription rights under Austrian law.

AMS shareholders last week approved a 1.7 billion euros ($1.9 billion) capital increase to fund the Osram takeover, bringing the Austrian group closer to its goal of forming a European leader in sensors and lights.

AMS, a supplier to Apple, secured nearly 60% of the much bigger German lighting group’s shares last month, taking on debt of 4.4 billion euros to finance the deal.

$1 = 0.9014 euros Reporting by John Revill; Editing by Tom Hogue

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