Shares of German Osram jump 6% on report Siemens selling stake: report

The shares of German lightning company Osram Licht (ETR:OSR) have jumped over 6% yesterday following a report that domestic conglomerate Siemens (FRA:SIE) is seeking to divest its 17% shareholding in its former division.

According to the report from Bloomberg, Siemens is seeking to sell its stake in Osram to China’s investment company GSR GO Scale Capital Advisor, a deal which could be unveiled by the end of this month.

One trader commented that it appears that investors are happy that the German giant has found a buyer for its Osram stake and will not have to sell its shares in the stock market.

Osram’s shares jumped 8.7% by 12:07GMT.

Both Osram and Siemens declined to comment.