Siemens AG (SIE.XE) said on Wednesday that is selling its 17.34% stake in lighting manufacturer Osram Licht AG (OSR.XE).
Siemens said it would use the net proceeds from the sale of its Osram shareholding for general corporate purposes. The stake is equal to about 18.16 million ordinary Osram shares.
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The stake would be around $1.43 billion based on Wednesday's closing price.
Siemens will retain a small number of Osram shares which it needs to service a bond in 2019, it said.
The German company is offering the shares to institutional investors in an accelerated sale process Wednesday.
Osram shares closed up 0.8% at EUR67.06.
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(END) Dow Jones Newswires
October 04, 2017 12:38 ET (16:38 GMT)