Siemens AG (SIE) received the go-ahead to list its Osram lighting unit from a German court, thwarting a group of shareholders seeking to block the spinoff.
Appeals court Judge Martin Kainz in Munich threw out complaints from the group of investors who said that Europe’s largest engineering company hadn’t properly communicated aspects of the listing at its annual general meeting.
The group of investors “did not participate adequately in the AGM,” Kainz said. They had said that acoustic problems at the Jan. 23 meeting meant they didn’t fully understand aspects of the listing.
While 98 percent of shareholders approved the spinoff of Osram in January, the group of investors sued to block the legal registration of the spinoff. Siemens had canceled a plan for an initial public offering of the business last year and decided investors will instead receive one Osram share for every 10 shares they own.
Siemens, whose shares last year returned only one third of the German DAX benchmark index’s advance, has also earmarked units such as airport luggage systems, mail automation and water technology for disposal as it’s combing through its portfolio to weed out laggards.
The Munich-based company in January said that units making trains and low-voltage gear also fell short of their potential in the most recent quarter.
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