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Jul 2, 2015

K+S rejects Potash Corp’s takeover approach as too low

FRANKFURT (Reuters) – German potash miner K+S (SDFGn.DE: Quote, Profile, Research, Stock Buzz) rejected Potash Corp of Saskatchewan’s (POT.TO: Quote, Profile, Research, Stock Buzz) 7.9 billion euro ($8.7 billion) takeover bid on Thursday, saying it was too low and that the Canadian suitor could be planning to dismantle the company, putting jobs at risk.

K+S, owner of the Morton Salt brand, said the proposal lacked firm commitments to protect the more than 14,000 K+S employees worldwide and that it had no trust in “vague” pledges that had been made.

Jul 2, 2015

K+S rejects Potash Corp’s takeover approach

FRANKFURT, July 2 (Reuters) – German potash miner K+S
said Potash Corp of Saskatchewan’s 7.85
billion euro ($8.70 billion) takeover approach was too low and
the Canadian firm could be planning to dismantle and downsize
its rival, putting jobs at risk.

Potash Corp’s 41 euro per share takeover proposal
“completely disregards” the value of a Canadian mining project
under construction known as “Legacy”, which should be up to 21
euros per share when the book value of the mine and future cash
flows from 2017 onwards are taken into account, K+S said on
Thursday.

Jun 26, 2015

K+S shares surge after Potash Corp takeover approach

FRANKFURT (Reuters) – Shares in German potash miner K+S (SDFGn.DE: Quote, Profile, Research, Stock Buzz) leapt almost 40 percent on Friday after a takeover proposal from Canada’s Potash Corp (POT.TO: Quote, Profile, Research, Stock Buzz) which sources close to the matter said was worth more than 7 billion euros ($7.8 billion).

K+S, which would become the first German blue-chip firm in a decade to be bought by a foreign company, said it was assessing its options after announcing the approach late Thursday.

Jun 23, 2015

Syngenta tests investor support for Monsanto opposition

ZURICH/ FRANKFURT (Reuters) – Syngenta will sound out shareholders in the coming days for their views on the Swiss crop chemicals maker’s opposition to rival Monsanto’s $45 billion takeover approach.

Any takeover offer needs to be at a fair price and provide a high degree of certainty that it will clear regulatory hurdles, Syngenta Chairman Michel Demare said on Tuesday, reaffirming the Swiss firm’s opposition to Monsanto’s current proposal.

Jun 22, 2015

Cabin crew give Lufthansa deadline to avoid strike

FRANKFURT (Reuters) – German airline Lufthansa (LHAG.DE: Quote, Profile, Research, Stock Buzz) faces a June 30 deadline to make concessions to cabin crew over pay and pensions or suffer further strikes that would compound the effects of a costly dispute with its pilots.

Lufthansa has been in protracted talks with various staff groups as it seeks to bring down costs and revise pension schemes to better compete with low-cost airlines and expanding Middle Eastern rivals.

Jun 4, 2015

Monsanto plots pricey Syngenta comeback amid growing scepticism

LONDON/FRANKFURT (Reuters) – U.S. agrochemicals firm Monsanto Co and its advisers are working flat out to accommodate Syngenta’s qualms about regulatory hurdles to a deal whose perils may well outweigh the rewards.

Investment bankers and analysts expect Monsanto to increase its bid by about 10 percent, to just short of 500 SFr, while others say Monsanto cannot afford to be scorned by the target again and would be ready to offer potentially close to 550 SFr.

May 22, 2015

Bayer CEO sees multinational state aid for antibiotics

FRANKFURT (Reuters) – German drugmaker Bayer expects the world’s largest economies to pool billions of euros in funding for the development of antibiotics against the growing threat of drug-resistant superbugs, its chief executive said on Friday.

“I expect a multinational fund for antibiotics research. One country alone can’t shoulder it,” CEO Marijn Dekkers told Germany’s Der Spiegel magazine, according to an excerpt of an interview provided to Reuters on Friday.

May 19, 2015

Merck KGaA’s AZ deal, currencies outweigh weak drugs

FRANKFURT, May 19 (Reuters) – Merck KGaA said the
recent takeover of high-tech chemicals maker AZ Electronic
Materials and a strong U.S. dollar will help it overcome a drop
in revenue from its best-selling drug, multiple sclerosis
treatment Rebif, this year.

The German diversified chemicals and healthcare group on
Tuesday forecast adjusted earnings before interest, taxes,
depreciation and amortisation (EBITDA) of 3.45-3.55 billion
euros ($3.9-4.0 billion) in 2015, up from 3.39 billion last
year.

May 15, 2015

Bayer sees consolidation in crop chemicals, seeds

FRANKFURT, May 15 (Reuters) – German drugs and chemicals
group Bayer believes further consolidation in the
crop chemicals and seeds markets, is likely regardless of the
outcome of Monsanto’s bid for Syngenta.

“It remains to be seen when, in what form and with which
partners the consolidation will advance,” Bayer CropScience
Chief Executive Liam Condon said in an emailed response to
questions from Reuters.

Apr 30, 2015

BASF says low oil price to stymie earnings growth

FRANKFURT, April 30 (Reuters) – Germany’s BASF
expects a slide in earnings at its Wintershall oil and gas unit
brought on by lower oil prices to cancel out gains at its basic
petrochemicals and crop protection businesses this year.

Crude oil prices have recovered from a six-year low reached
earlier this year, but average prices over the first quarter
were more than 45 percent below year-earlier levels.

    • About Ludwig

      "I am the Deputy Chief Correspondent for Reuters' company news out of Germany, also covering the healthcare and chemical industry. Previously, I worked as a reporter for Bloomberg News in Switzerland."
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