Osram backs AMS takeover as auto downturn triggers 2019 loss
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FRANKFURT (Reuters) - Osram urged shareholders to back a $5 billion takeover bid from Austria's AMS and said it would cut costs and not pay a dividend as it posted a loss for the fiscal year ending in September, hit by a downturn in the auto industry."The offer price of 41 euros per share in cash represents an appropriate valuation of the company from the point of view of the boards," the company said in a statement.Shareholders have until December 5, 2019 to accept the offer, Osram said. In..