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Nov 11, 2014

German veteran installed as chairman at struggling Bilfinger

FRANKFURT, Nov 11 (Reuters) – German industrial group
Bilfinger installed corporate veteran Eckhard Cordes
as chairman on Tuesday, hoping he can get the company back on
track after a string of profit warnings that have hammered its
shares.

The German’s appointment is part of a reshuffle driven by
top shareholder Cevian, a Sweden-based European activist
investment firm. He inherits a company in turmoil whose top
management members have all either left or are about to do so.

Nov 10, 2014

ECB’s Mersch says state-bond buys ‘theoretically possible’

HERRENBERG, Germany, Nov 10 (Reuters) – The European Central
Bank could examine the possibility of buying state bonds, a
senior ECB policy maker said on Monday, saying that the bloc’s
recovery and that of its top economy, Germany, has lost pace.

Speaking to an audience near Stuttgart in Germany, Executive
Board member Yves Mersch voiced concerns about the “critical”
state of the euro zone’s sluggish recovery and conceded that the
ECB buying government debt was a theoretical possibility.

Nov 10, 2014

ECB’s Mersch calls on countries to reform, warns economy ‘critical’

HERRENBERG, Germany, Nov 10 (Reuters) – Europe’s economic
recovery and that of its most important economy, Germany, has
lost pace, a European Central Bank policy-makers has said.

Speaking to an audience near Stuttgart in Germany, Executive
Board member Yves Mersch voiced concerns about the “critical”
state of the euro zone’s sluggish economy and put the
responsibility on countries rather than the European Central
Bank to act.

Nov 5, 2014

Lebanese man admits joining Islamic State, buying supplies in Germany

STUTTGART Germany (Reuters) – A Lebanese man admitted joining Islamic State in Syria and later returning to his home country Germany to buy military and medical supplies for the group, at the opening of his trial in Stuttgart on Wednesday.

Ismail Issa told the court he had taken up Islam to escape drug addiction and had been persuaded to take part in the rebellion against Syrian President Bashar al-Assad while he was on a pilgrimage to Mecca in 2013.

Sep 23, 2014

Germany’s ZF takeover hunger not sated by TRW buy

HANOVER, Germany, Sept 23 (Reuters) – German auto supplier
ZF Friedrichshafen will consider further acquisitions
after agreeing a $13.5 billion takeover including debt of U.S.
peer TRW last week, ZF’s chief executive said on
Tuesday.

“We have not reached the limits of our financing
capabilities,” Stefan Sommer said on the sidelines of the IAA
commercial vehicles show.

Jun 26, 2014

Daimler and Nissan approve joint Mexico production -sources

PARIS/STUTTGART, June 26 (Reuters) – Daimler and
Nissan have finalized a joint venture deal to build
future Mercedes and Infiniti compact cars in Mexico, sources
with knowledge of the matter said on Thursday as the automakers
called a news conference to unveil the plans.

The companies are preparing to announce a “substantial
investment” to develop the vehicles on Daimler’s front
wheel-drive architecture and assemble them at Nissan’s
Aguascalientes site northeast of Guadalajara, the sources said.

May 16, 2014

Cars could drive themselves sooner than expected after European push

FRANKFURT, May 15 (Reuters) – Cars could be driving
themselves down the world’s streets far sooner than expected,
thanks to a change in a global treaty backed by European
countries.

A little-noticed amendment to the United Nations Convention
on Road Traffic agreed last month would let drivers take their
hands off the wheel of self-driving cars. It was pushed by
Germany, Italy and France, whose high-end carmakers believe they
are ready to zoom past American tech pioneers and bring the
first “autonomous vehicles” to market.

May 7, 2014

HeidelbergCement could snap up assets from merging rivals

HEIDELBERG, Germany, May 7 (Reuters) – HeidelbergCement
could seize opportunities to snap up assets from
rivals Lafarge and Holcim which may be
forced into disposals to get the go-ahead from regulators for
their planned merger.

Holcim and Lafarge, the world’s two leading cement makers in
terms of sales, agreed last month to the industry’s biggest-ever
merger, which should helped reduce overcapacity that has plagued
the sector in recent years.

Mar 30, 2014

As labour veteran retires, Daimler eyes smoother cost cuts

FRANKFURT, March 30 (Reuters) – The retirement from
Daimler’s supervisory board of a combative trade
union veteran may smooth management-labour relations as the
German carmaker tries to cut costs and close a wide
profitability gap with its rivals.

Erich Klemm steps down as deputy chairman when he turns 60
next month after 16 years on the board. He has long resisted
cutbacks and last year forced managers to reassign cost-cutting
specialist Wolfgang Bernhard as a condition for extending the
contract of Daimler chief executive Dieter Zetsche.

Mar 20, 2014

Bilfinger still has 800 mln eur for more acquisitions

MANNHEIM, Germany, March 20 (Reuters) – German engineering
and services group Bilfinger SE is eyeing potential
targets in the United States and Asia as it pursues its ambition
to grow further via acquisitions.

Bilfinger has intensified merger and acquisition activity as
it aims to wean itself off a dependence on construction, and has
shifted its focus toward more services-oriented businesses, as
well as designing and engineering plants and buildings.