AMS Osram - comment

AMS will hold its conference call this morning at 10 am, so a brief note on their Q2 release:  The numbers, at the top end of their guidance, aren’t the main issue. The Company has announced a strategy update and portfolio realignment which includes a divestment of non-core and lower-performing businesses with revenue of €300-400m, which includes passive optical components. The Company is changing its structures, likely leading to the formation of different business divisions and reporting lines.  Further details post conference call.