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What the OP is asking about is the relative magnification factor of a Canon 300 vs a Lumix.
The 16x zoom factor mentioned by the OP is mostly a P&S term that gives the zoom factor. For example, a Canon 70 to 210 has a zoom factor of 3x. The old Canon 35 to 350 has a zoom factor of 10x. The zoom factor is calculated by taking the max telephoto FL divided by the min FL. Sensor size does not make a difference (to this calculation).
However, what the OP most likely wants to know, is how much magnification the Canon 300 will give compared to the Lumix P&S. I don't know the specific Lumix that has a 16x optical zoom, but for example the new Lumix DMX FZ70 has a 60x telephoto; 3.58 - 215 mm (20 - 1200 mm in 35 mm equivalent). For this camera you would get four times the scene magnification vs a Canon 300 mm lens on a full frame camera. The same lens on a Canon APS-C camera such as the 7D, gives an equivalent to 300 x 1.6 = 480mm (still about 2.5 times less then the DMX FZ70 at its max telephoto 1200mm equivalent).
Of course this does not take into account light gathering capability (aperture), sensor quality, image quality, etc.
Many people coming from P&S to DSLRs are surprised at how physically large a telephoto lens is for the amount of magnification - I've been asked many times if my 70-200 has telescope like magnification.
So, unless the OP can list the model of Lumix he is referring to, or its 35mm equivalent max focal length, we will not be able to give him an answer.
Jim
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