OSRAM convened an extraordinary general meeting in Munich on November 3rd, which voted for the rights of control and the agreement of profit and loss transfer for major shareholder ams, where 99.77% voted yes that exceeded the requirement of at least 75% of the quorum.

Olaf Berlien, CEO of OSRAM, commented: OSRAM and ams will further actuate the merger based on the rights of control and the agreement of profit and loss transfer, and we will work together on becoming the leader in the global photovoltaic solution market.

The shareholders meeting also confirmed on the new appointment of the board of supervisors, where Hans Peter Metzler, Thomas Stockmeier, and Johann Eitner have been appointed as the new members of the board of supervisors.

Ams held roughly 70% of outstanding shares of OSRAM prior to the convention of the extraordinary general meeting. According to the agreement, OSRAM will be paying the remaining minority shareholders of the company with a compensation of EU€45.54 per share, or about 5% (EU€2.24 of net value/EU€2.57 of gross profit) of the compensation each year.

The particular rights of control and the agreement of profit and loss transfer will become effective after commercial registration in Munich, which is expected for official implementation around the end of this year, and the merged company will be officially established during early 2021, where OSRAM and ams will then be able to complement one another’s advantages through a synergistic effort, elevate competitiveness, as well as propel technical and product innovation. (Source: OSRAM)