As a long-term active investor, Allianz Global Investors devotes significant resources to fundamental research and our portfolio managers invest in companies where they see the potential to realise value on behalf of its clients. AllianzGI engages with investee companies in a constructive manner to achieve the best outcomes.

Since the spin-off of OSRAM Licht AG in 2013, AllianzGI has been a shareholder and today holds over nine per cent of the outstanding shares in the company. AllianzGI holds the stock because its portfolio managers appreciate the intrinsic value of the asset and its future potential.

The offer for OSRAM shares made by Bain and Carlyle implicitly supports AllianzGI’s view that there is upside potential for OSRAM and its technology in the foreseeable future. However, as its largest existing shareholder, AllianzGI has commissioned its own independent fairness opinion pursuant to IDW S8¹ standard on the evaluation of the company, the results of which support AllianzGI’s view that OSRAM shares are worth more than the EUR 35 per share currently on offer.

Based on available information, AllianzGI is minded not to accept the offer despite it being recommended to shareholders by the Board of Management and Supervisory Board of OSRAM Licht AG.

Having sought to engage with OSRAM’s Board of Management and Supervisory Board over the past year, AllianzGI finds it regrettable that they appear to have insufficient confidence in the business they are managing that they have chosen instead to sell out at what looks to be a knock-down price.

1) IDW S8: a standard by Institut der Wirtschaftsprüfer in Deutschland e.V. (Institute of Public Auditors in Germany) defining principles for the preparation of fairness opinions.

Media contact:
Stefan Lutz, +49 69 24431-4276 / stefan.lutz@allianzgi.com

About Allianz Global Investors
Allianz Global Investors is a leading active asset manager with over 790 investment professionals in 25 offices worldwide and managing more than EUR 540 billion in assets for individuals, families and institutions*.

Active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.

Active is: Allianz Global Investors

*Data as at 30 June 2019.


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AllianzGI currently manages a net long position of 9.69% of the total issued share capital of the issuer.

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