Tag Archive | "Germany"

OSRAM LATEST: WORKERS UNION REJECTS AMS BID

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OSRAM LATEST: WORKERS UNION REJECTS AMS BID


German workers’ union IG Metall has rejected the recent €4.3 billion euro takeover offer by sensor firm AMS for lighting company Osram, according to a report by Reuters.

A spokeswoman reportedly said that ‘the strategy behind AMS’s offer is still not convincing.’

The rejection comes after Osram reported AMS’s €38.50 per-share offer on August 12th and stated that ‘the financing concept presented appears binding and viable.’ Osram confirmed it was in talks with AMS shortly after.

It is not the first time that IG Metall – which has more than 2.2 million members – has voiced opposition to the deal. On 24th July IG Metall released a statement opposing a ‘potential takeover of Osram by AMS’*, suggesting that the offer has been in talks for some time. At the time, IG Metall stated that ‘the necessary financing is absolutely irresponsible’* and ‘there are signs that the AMS offer will break up and massively downsize the company to create ‘synergies’. That is not acceptable to us.’*

OSRAM HQ

IG Metall’s rejection is the latest development in bids to acquire Osram. In early July, Osram received a public takeover offer from private equity firms Bain Capital and The Carlyle Group for €35 per share – approximately €4 billion in enterprise value.

*quotes indirect – translated by Google

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DIESEL VEHICLES TO BE BANNED IN GERMAN CITIES

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DIESEL VEHICLES TO BE BANNED IN GERMAN CITIES


German cities will be allowed to ban older diesels from entering, following a court ruling. Dusseldorf and the car-building city of Stuttgart can now force pre-Euro IV vehicles off the road in a case brought by environmental pressure group Deutche Umwelthilfe (DUH).

The Federal Government has opposed the move, leading commentators to criticise how close it is to the domestic car industry. The decision from the Federal Administrative Court comes after a legal challenge to the case was mounted by German states.

Presiding Judge Andreas Korbmacher wanted to deliberate the issue ‘very thoroughly’ and delayed reaching a verdict for several days.

Analysts believe that the ruling will set a precedent across other cities in Europe, though many French cities already have ‘CritAir’ that restrict pre-Euro IV vehicles and the UK has various Low Emission zones, which vary in size and restriction, but have a similar aim to the French system.

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