CHINA’S SANAN CON­FIRMS CON­TACT WITH OSRAM

The Sun (Malaysia) - - SUNBIZ -

SHANG­HAI/BERLIN: Chi­nese chip­maker Sanan Op­to­elec­tron­ics con­firmed yes­ter­day it had been in “pre­lim­i­nary con­tact” with Osram af­ter re­ports that it was in­ter­ested in buy­ing the light­ing group lifted the Ger­man firm’s shares. Osram shares had risen 2.8% in early trad­ing, but fell af­ter Sanan is­sued a state­ment say­ing they had only had one face-to-face meet­ing re­gard­ing a po­ten­tial ac­qui­si­tion or co­op­er­a­tion deal. “We have not had any ne­go­ti­a­tions re­gard­ing trans­ac­tion de­tails such as the scope or the price. Nei­ther have we signed any bind­ing doc­u­ments,” Sanan said. Osram is switch­ing fo­cus from light bulbs to light­ing tech­nol­ogy, sell­ing its lamps unit and in­vest­ing €1 bil­lion (RM4.6 bil­lion) in a new fac­tory in Malaysia to make chips for LED lights. – AFP

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