September 16, 2019 / 10:38 AM / a month ago

Allianz Global Investors prepared to sell Osram stake to AMS if no better option comes

MUNICH (Reuters) - Allianz Global Investors (ALVG.DE), the biggest shareholder of Osram (OSRn.DE), is prepared to sell its stake to chipmaker AMS (AMS.VI) in the course of its 4.3 billion euro ($4.75 billion)takeover attempt if no better bid is made, a source said on Monday.

“If there aren’t any better options, Allianz Global Investors will tender its shares to AMS,” a financial industry source told Reuters.

AMS is offering to pay shareholders 38.50 euros per Osram share, beating by 10% a rival bid previously made by two private equity firms for the German lighting group. Osram’s leadership proposed to accept the deal.

Allianz Global Investors, one of German insurer Allianz’s investment arms, declined to comment.

Reporting by Alexander Huebner; Writing by Tassilo Hummel; Editing by Kathrin Jones and Michelle Martin

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