As an Osram shareholder, Siemens was and is not satisfied with Osram's recent share price development. Due to the shift in Osram's strategy, the value of Siemens' stake in the company has declined from some €940 million to about €680 million.
Siemens' Managing Board received no prior notification of the content or timing of Osram's ad hoc communication of November 10, 2015. Osram's strategic shift took Siemens and the market by surprise.
As Siemens' representative on Osram's Supervisory Board, Roland Busch must act exclusively in Osram's interests and complies with the legal requirements applicable to the two companies. Pursuant to the German Stock Corporation Act and the German Corporate Governance Code, the function of an Osram Supervisory Board member and that of a Siemens Managing Board member must be kept strictly separate. In particular, Roland Busch must treat all information that he receives in his capacity as a member of the Osram Supervisory Board with complete confidentiality. In addition, every special form of communication between the two companies that could provide Siemens, as an Osram shareholder, with information different from that available to other shareholders is prohibited.