July 8 - Shares in Osram Licht fall as much as 2.4 percent on their stock market debut, as investors seek an exit following the lighting company's spin-off from engineering group Siemens. Hayley Platt reports.
24 euros is today's daily digit in Europe - the price shares in Osram Licht opened at in their stock market debut. Wolfgang Dehen is CEO of the world's second largest lightbulb maker. (SOUNDBITE) (German) OSRAM CEO, WOLFGANG DEHEN, SAYING: "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." Osram's shares fell as much as 2.4% as investors sought an exit following the company's spin-off from engineering group Siemens. But Osram said the decline was partly linked to investment guidelines forcing some owners to sell. Robert Halver is a Frankfurt trader. (SOUNDBITE) (German) BAADER BANK'S HEAD OF CAPITAL MARKET ANALYSIS, ROBERT HALVER, SAYING: "Osram is not the usual IPO but a so called spin off. So Siemens share holders will also get Osram shares." Osram is currently restructuring after being slow to adopt newer technologies. It's cutting 8,000 jobs and closing 10 of it 43 factories to save 1 billion euros over three years. The 24 euro share price gives the company a market value of 2.5 billion euros - more than half a billion less than Siemens valued it at.