VLEEY Valeo SE (PK)

By Friedrich Geiger

FRANKFURT--Siemens AG's (SI) lighting subsidiary Osram said Tuesday it has entered an agreement with Valeo SA (FR.FR) which allows the French automotive supplier to buy Osram's stake in their North American joint venture Valeo Sylvania.

The two companies struck a put and call option agreement, according to which Valeo can acquire Osram's 50% stake in early 2014, said the German lighting company. Financial details of the agreement weren't disclosed.

Valeo Sylvania has more than 1,000 employees, according to the joint venture's website.

Siemens plans to spin off Osram in July, distributing free shares to its shareholders.

Write to Friedrich Geiger at friedrich.geiger@dowjones.com

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