By Ursula Quass
FRANKFURT--Industrial conglomerate Siemens AG (SI) was given the go ahead Wednesday by a German court to spin off its lighting unit Osram.
Siemens had aimed for an initial public offering of the unit in the third quarter of last year, but financial market volatility made the management cancel the IPO and opt for a spinoff via distribution of free shares to shareholders.
And then, in mid-March the German company hit a hurdle with the timetable for the listing, after a group of shareholders challenged its spinoff plan. The plaintiffs cited in their complaint predominantly formal flaws at Siemens' annual general meeting at which the Osram stock exchange listing was approved.
(Nicky Redl and Friedrich Geiger contributed to the story)
Write to Ursula Quass at [email protected]