AMS report the Osram acquisition is fully on track.
The company plans to pay for the Osram shares tendered under its takeover offer largely with the proceeds of its 1.75 billion Swiss franc (1.66 billion euros) capital increase, its finance chief said.
The 4.4 billion euros bridge loan for the takeover, provided by UBS, HSBC and Bank of America Merrill Lynch, will be refinanced through a combination of different debt instruments, Michael Wachsler-Markowitsch said. However, up until now AMS only pulled down around 450 million and therefore was in no rush to tap the market.
The Osram deal will be the largest purchase in AMS’s history. In the 1990s, the group had miscalculated with two acquisitions in Germany and South Africa and had to sell the businesses later at a loss.