2 Min Read
BERLIN (Reuters) - Shares in Osram (OSRn.DE) jumped to a record high on Thursday on a magazine report saying Chinese chipmaker Sanan Optoelectronics Co Ltd (600703.SS) wants to buy the German lighting company.
Sanan wants to present a "qualified" takeover offer for Osram by mid-October, German magazine WirtschaftsWoche reported, citing unnamed sources involved in the negotiations.
Sanan, which makes LED products, chips and solar products, may offer to pay about 70 euros ($80) per Osram share, the weekly publication said. A full takeover bid would value the company at about 7.2 billion euros ($8.1 billion).
Urbanisation, electrification in many industries and a push for energy efficiency offer lighting companies growing business opportunities, DZ Bank said in a note published on Thursday, keeping its "buy" recommendation on the stock.
Osram shares jumped more than 13 percent after markets opened and were trading up 10.6 percent at 60.10 euros at 0925 GMT (0525 EDT).
A spokesman for Osram declined comment while Sanan could not be reached for comment due to a Chinese public holiday.
Germany's Economy Ministry, which had expressed unease over the takeover of industrial robot maker Kuka (KU2G.DE) by China's Midea Group (000333.SZ) before allowing the deal, has no plans to scupper a Chinese acquisition of Osram, WirtschaftsWoche reported, citing unnamed sources at the ministry.
Munich-based Osram sparked the interest of Chinese investors with its decision in July to sell its lamps unit to a Chinese consortium for more than 400 million euros, the magazine said.
($1 = 0.8931 euros)
Reporting by Andreas Cremer, Patricia Weiss and Chen Aizhu; Editing by Richard Pullin/Ruth Pitchford