Siemens' position on Osram's strategy announcement
As an Osram shareholder, Siemens was and is not satisfied with Osram’s recent share price development. Due to the shift in Osram’s strategy, the value of Siemens’ stake in the company has declined from some €940 million to about €680 million.
Siemens’ Managing Board received no prior notification of the content or timing of Osram’s ad hoc communication of November 10, 2015. Osram’s strategic shift took Siemens and the market by surprise.
As Siemens’ representative on Osram’s Supervisory Board, Roland Busch must act exclusively in Osram’s interests and complies with the legal requirements applicable to the two companies. Pursuant to the German Stock Corporation Act and the German Corporate Governance Code, the function of an Osram Supervisory Board member and that of a Siemens Managing Board member must be kept strictly separate. In particular, Roland Busch must treat all information that he receives in his capacity as a member of the Osram Supervisory Board with complete confidentiality. In addition, every special form of communication between the two companies that could provide Siemens, as an Osram shareholder, with information different from that available to other shareholders is prohibited.
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is No. 1 in offshore wind turbine construction, a leading supplier of gas and steam turbines for power generation, a major provider of power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment - such as computed tomography and magnetic resonance imaging systems - and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2015, which ended on September 30, 2015, Siemens generated revenue of €75.6 billion and net income of €7.4 billion. At the end of September 2015, the company had around 348,000 employees worldwide. Further information is available on the Internet at www.siemens.com.