DJ Bid Could Value Osram at More Than EUR70/Share, Says LBBW -- Market Talk

DJ Bid Could Value Osram at More Than EUR70/Share, Says LBBW -- Market Talk
1152 GMT Osram shares have surged by about a third since their September low, which LBBW attributes to expectations of a possible takeover bid for the German lighting company. Siemens has voiced opposition against Osram's expansion in the field of chips for general lighting, therefore it would be consistent if Siemens sold its 17.5% stake in Osram, in LBBW's view. A bidder could offer more than EUR70 per Osram share, the bank says, pointing to multiples implied by Go Scale Capital's failed bid for Philips' lighting business. Osram declined to comment on a possible takeover bid. LBBW raises the target price for Osram to EUR57 from EUR41 and maintains a hold recommendation. Shares trade 0.7% lower at EUR57.30.