upcoming, with periodic reports indicating little progress. The long-discussed spinoff of Osram by Siemens(SI) falls into the latter category. We most recently discussed this in the summer, over a year after our first mention. As you may recall, after being unable to sell or IPO the division, Siemens decided to move forward with a spinoff, which will be voted upon at the company’s annual meeting in January.
Last week, ‘sources’ were reported as stating that Osram would cut thousands of jobs ahead of the spin, and that the Siemens board would be meeting today(November 28) to approve details of the spin. Reuters further reported that the prospectus will be filed on December 7 and that Siemens will retain less than one fifth of the company. The company has been struggling as the market has shifted towards LEDs, and in August, entered into a patent settlement with Samsung that Reuters’ sources called “unbelievably expensive.”
Disclosure: The author holds no position in any stock mentioned
