- Title: GERMANY: German DAX starts 0.6 percent higher as Osram makes stock market debut
- Date: 8th July 2013
- Summary: FRANKFURT, GERMANY (JULY 08, 2013) (REUTERS) EXTERIOR OF FRANKFURT STOCK EXCHANGE OSRAM CEO WOLFGANG DEHEN ENTERING STOCK EXCHANGE WIDE OF FLOOR OSRAM CEO ARRIVING ON FLOOR AND POSING FOR CAMERAS PHOTOGRAPHERS TAKING PICTURES STOCK EXCHANGE OFFICIAL SHOUTING "STARTING PRICE FOR OSRAM: 24 EUROS" / OSRAM ??? RINGING BELL OSRAM CEO RINGING BELL BOARD ANNOUNCING OSRAM STARTING PRICE OF 24 EUROS CAMERA CREW OSRAM CEO WOLFGANG DEHEN BEING INTERVIEWED (SOUNDBITE) (German) OSRAM CEO, WOLFGANG DEHEN, SAYING: "Just think about, it's a great market: LED lights will see a growth increase of 20 percent over the next 10 years so there is great potential for us too. We have been part of the LED market for 40 years and we are one of the companies in the decision-making process of the market and we will continue to do so." (SOUNDBITE) (German) BAADER BANK'S HEAD OF CAPITAL MARKET ANALYSIS, ROBERT HALVER, SAYING: "Osram is a Siemens spin off and a market debut and not the usual IPO but a so called spin off. So Siemens share holders will also get Osram shares." DEHEN WALKING OFF / DAX BOARD
- Embargoed: 23rd July 2013 13:00
- Location: Germany
- Country: Germany
- Topics: Economy,Energy
- Reuters ID: LVADG1XWO4NYTN3EY2Z8N3EUY8TP
- Story Text: Shares in Osram Licht AG started trading at 24 euros in their stock market debut on Monday (July 08), giving the company a market value of about 2.5 billion euros ($3.21 billion).
Siemens is spinning off 80.5 percent of Osram, which it has said is worth about 3.2 billion euros, as it seeks to focus on its most profitable businesses.
"It's a great market," said Osram's CEO Wolfgang Dehen.
"LED lights will see a growth increase of 20 percent over the next 10 years so there is great potential for us too. We have been part of the LED market for 40 years and we are one of the companies in the decision-making process of the market and we will continue to do so," Dehen told reporters on the floor of Frankfurt stock exchange.
The DAX started into the new week 0.6 percent higher and saw gains of 1.8 percent some two hours into trading.
Shortly after 11 a.m. (0900 GMT), the DAX was up 143 points at 7,948 points, an increase of 1.81 percent.
Osram shares traded at 23.22 euros at 11:10 a.m.
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