Siemens CEO says to float 50 to 75 percent of Osram: paper
FRANKFURT (Reuters) - Siemens (SIEGn.DE: Quote) is eyeing a flotation of roughly 50 to 75 percent of its light bulb unit Osram on the stock exchange in the European autumn, the German engineering conglomerate's chief executive told a newspaper.
"We want to become a minority shareholder but hold a stake of more than 25 percent," Peter Loescher told German weekly Welt am Sonntag.
"Autumn could be a good time (for an initial public offering or IPO)", Loescher told the paper, adding: "We are under no pressure, we want an IPO timing that is right also for our shareholders."
Siemens has said in the past that it might float Osram in the Autumn, depending on how the market for light-emitting diodes (LED) develops.
It postponed a multi-billion euro listing of the light bulb maker in September 2011 as market volatility stemming from the euro zone debt crisis sent investors running from European equity capital markets.
European LED makers have faced increasing competition from Korean and Chinese competitors eager to tap into growing demand for energy-efficient lighting that is set to unseat incandescent and compact fluorescent light bulbs.
Siemens CFO Joe Kaeser has said there are signs the LED industry is reaching a trough.
(Reporting by Arno Schuetze; Editing by Catherine Evans)
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