Austria's AMS faces opposition to its 4.5 billion euro ($5 billion) takeove...
FILE PHOTO: The logo of German lighting manufacturer Osram is illuminated at the company's headquarters in Munich, Germany, September 16, 2019. REUTERS/Andreas Gebert
“The reasons for our clear opposition to a takeover by AMS remain unchanged,” Osram supervisory board member and IG Metall trade union representative Klaus Abel said.Abel called into question AMS management’s ability to integrate the much larger Osram.German laws grant workers’ representatives half the seats on the non-executive supervisory board of listed companies.
Swiss-listed AMS, best known for supplying Apple with sensors for iPhones, wants to expand in the auto industry and supply sensors and lighting systems for self-driving cars to reduce its dependence on smartphone producers. Bain and Advent informed Osram on Friday that they would refrain from a takeover bid for the time being, the German company said at the time.
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