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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.

Mar 18, 2014

German court confirms legality of euro zone bailout scheme

KARLSRUHE, Germany (Reuters) – Germany’s Constitutional Court confirmed on Tuesday the legality of the euro zone’s bailout fund, upholding a preliminary ruling from the height of the debt crisis in 2012 that gave an initial green light to the European Stability Mechanism (ESM).

The court reiterated that the 700 billion euro ($975 billion) fund did not violate the rights of the Bundestag lower house of parliament to decide on budgetary matters as long as the lower house of parliament had sufficient oversight powers over the ESM.

Mar 17, 2014

German court rejects 1.14 billion pound Porsche SE investor lawsuit

STUTTGART, Germany (Reuters) – A German court has dismissed a lawsuit by hedge funds seeking 1.36 billion euros (£1.14 billion) in damages from investment company Porsche SE (PSHG_p.DE: Quote, Profile, Research), in a ruling that bodes ill for other claimants pushing damages claims against Porsche.

Two dozen hedge funds including Viking Global Investors, Glenhill Capital and Greenlight Capital had accused Porsche SE of throughout 2008 camouflaging its plan to acquire much-bigger Volkswagen AG (VOWG_p.DE: Quote, Profile, Research) and secretly piling up a holding in Europe’s largest automaker.

Mar 17, 2014

German court rejects $1.9 billion Porsche SE investor lawsuit

STUTTGART, Germany (Reuters) – A German court has dismissed a lawsuit by hedge funds seeking 1.36 billion euros ($1.9 billion) in damages from investment company Porsche SE, in a ruling that bodes ill for other claimants pushing damages claims against Porsche.

Two dozen hedge funds including Viking Global Investors, Glenhill Capital and Greenlight Capital had accused Porsche SE of throughout 2008 camouflaging its plan to acquire much-bigger Volkswagen AG and secretly piling up a holding in Europe’s largest automaker.

Feb 13, 2014

UAW following Volkswagen road map to organize at Mercedes U.S. plant

STUTTGART/DETROIT, Feb 13 (Reuters) – The United Auto
Workers union is following the same road map at the
Mercedes-Benz plant in Alabama that it used to reach its
historic vote to represent Volkswagen employees in Tennessee.

The UAW has been working with German union IG Metall and the
Daimler works council, the labor group at Mercedes parent
Daimler AG, to build support for the UAW among
Mercedes workers in Vance, Alabama, according to the union and
Alabama workers opposed to the UAW.