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Ams and Osram conclude domination agreement

·1-min read
The Logo of Austrian sensor specialist AMS is seen on their factory in Unterpremstaetten

Ams and Osram conclude domination agreement

The Logo of Austrian sensor specialist AMS is seen on their factory in Unterpremstaetten

BERLIN (Reuters) - Austrian sensor maker ams <AMS.VI> said on Tuesday it had signed a so-called domination and profit and loss transfer agreement (DPLTA) with Osram <OSRn.DE>, in a key step towards closing out its 4.6 billion euro ($5.4 billion) takeover of the German firm.

Implementing the agreement "will enable the swift and successful integration of ams and Osram into a combined company that offers profitable growth for the long term", ams CEO Alexander Everke said in a statement.

To take effect, the agreement will require the support of 75% of shareholders at an extraordinary general meeting planned on Nov. 3. Ams already owns 71% of Osram.

The domination agreement foresees an offer to buy out outside shareholders at 44.65 euros per share. It also contains annual recurring compensation of 2.24 euros.

Osram shares closed on Tuesday at 43.40 euros.

(Reporting by Douglas Busvine; Editing by Alexandra Hudson)