Siemens AG, Munich, plans to spin off 80.5% of its Osram/Sylvania lighting business, followed by a public listing. A company news release said Siemens shareholders will receive one Osram share for every 10 Siemens shares. Siemens intends to remain a shareholder in Osram, and following the spinoff, Siemens AG will hold a 17% stake in Osram, and the Siemens Pension Trust will hold a 2.5% stake. Bloomberg Business Week and the Associated Press reported that Siemens expects to cut 4,700 jobs at Osram.