By Cecilia Butini 
 

Ams AG said late Tuesday that its subsidiary Ams Offer GmbH has concluded a domination and profit and loss transfer agreement with Osram Licht AG as part of a planned takeover which will create a combined company focusing on sensor solutions and photonics.

The Austrian sensor maker, which is listed in Switzerland, said cash compensation under the agreement amounts to 44.56 euros ($52.17) per share, while recurring compensation is set at EUR2.24 per share. This amount will be paid out to Osram shareholders after subtracting tax, Ams said.

Ams currently holds a 71% stake in Osram.

The company said the domination agreement is contingent on approval by at least 75% of the votes of the extraordinary general meeting of Osram, which will be held on Nov. 3.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

September 23, 2020 01:42 ET (05:42 GMT)