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Linklaters Advises Banks Over Siemens’ Subsidiary Debut – Commercial Law News – Linklaters advised the banks, including Deutsche Bank, Goldman Sachs, UBS, Berenberg Bank and Commerzbank, in relation to the stock market debut of the Siemens subsidiary Osram.


The shares of OSRAM Licht AG were admitted to trading on the Frankfurt and Munich Stock Exchanges on 5 July 2013. On 8 July 2013, they were traded for the first time. The German leading share index DAX consists of 31 stocks for one day today.

“In this transaction, we had the opportunity to advise the banks in one of the rare cases of an stock market debut following a spin-off in Germany”, Linklaters partner Dr Herbert Harrer says. The new Osram securities had automatically been booked into the securities accounts of the existing Siemens shareholders in the course of the spin-off. Each Siemens shareholder received one additional Osram share for every ten Siemens shares. Siemens will remain a minority shareholder of Osram after the spin-off.

The banks were advised by a Linklaters team led by Dr Herbert Harrer and Dr Marco G. Carbonare (both Capital Markets, Frankfurt). Other team members included Dr Claus Mößle, Charles Eypper, Dr Alexander Fritzsche (all Capital Markets, Frankfurt), Dr Michael Ehret and Dr Ulrich Johann (both Tax, Frankfurt).

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