Munich/London — Siemens’s complete withdrawal from the lighting industry further scales back the once-sprawling German conglomerate, as CEO Joe Kaeser offloads assets from trains to medical scanners to household equipment, in rapid succession. The Munich-based company completed the sale of its remaining 17% stake in light manufacturer Osram Licht, raising about €1.2bn and exiting a business in which it was involved for the better part of a century. Siemens sold 18.1-million shares that were offered to institutional investors, the company said after the markets closed on Wedneday. The stock sold at €65.05 apiece and did not get enough demand from investors for all the shares, according to people familiar with the matter who asked not to be identified because the information was not public. Osram shares fell the most in more than a year. For Kaeser, the move came after Osram’s value more than doubled since an initial public offering in 2013, and a week after he unveiled a proposed com...

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