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Nov 17, 2014

Pfizer dampens Astra bid hopes with German Merck cancer deal

FRANKFURT/LONDON (Reuters) – Pfizer (PFE.N: Quote, Profile, Research) dampened investors’ expectations of a renewed bid for AstraZeneca (AZN.L: Quote, Profile, Research) on Monday by signing a major cancer drug deal with Germany’s Merck KGaA (MRCG.DE: Quote, Profile, Research), reducing the U.S. firm’s need for Astra’s products.

Merck will get an upfront payment of $850 million (544 million pounds) from the U.S. drugmaker for sharing rights to develop its experimental immunotherapy drug with Pfizer. It is also eligible for up to $2 billion in payments based on the medicine’s future success.

Nov 17, 2014

Pfizer dampens Astra bid hopes by signing German Merck cancer deal

FRANKFURT/LONDON (Reuters) – Pfizer (PFE.N: Quote, Profile, Research, Stock Buzz) punctured investor expectations of a renewed bid for AstraZeneca (AZN.L: Quote, Profile, Research, Stock Buzz) on Monday by signing a major cancer drug deal with Germany’s Merck KGaA (MRCG.DE: Quote, Profile, Research, Stock Buzz), reducing the U.S. firm’s need for Astra’s products.

Merck will get an upfront payment of $850 million from the U.S. drugmaker for sharing rights to develop its experimental immunotherapy drug with Pfizer. It is also is eligible for up to $2 billion in payments based on the medicine’s future success.

Nov 6, 2014

Lanxess to cut 1,000 jobs to tackle rubber overcapacity

FRANKFURT, Nov 6 (Reuters) – Lanxess, the world’s
No.1 maker of synthetic rubber, said it would cut about 1,000
jobs by the end of 2016, or 6 percent of its global workforce,
to counter overcapacity in the industry.

As part of the restructuring programme the German chemicals
maker aims to slash annual costs by 150 million euros ($188
million) from the end of 2016 and take exceptional charges of
150 million euros by end of that year. About 100 million of
those charges are to be taken this year, it said on Thursday.

Oct 30, 2014

Linde cuts profit forecasts, blames faltering economy

FRANKFURT, Oct 30 (Reuters) – The new boss of German gases
group Linde cut the company’s full-year and
medium-term profit targets on Thursday, blaming a faltering
global economy and sending Linde’s shares down sharply.

The industrial gases group cut its 2014 earnings outlook,
saying it now expected its core profit to come in flat. It also
dumped its medium-term profit targets and said it expected an
operating profit of 4.5-4.7 billion euros and a reported return
on capital employed (ROCE) of 11-12 percent in 2017.

Oct 24, 2014

BASF cuts forecasts on anaemic Europe and global uncertainty

FRANKFURT, Oct 24 (Reuters) – Germany’s BASF SE,
the world’s largest chemicals company by sales, cut its earnings
forecasts and its projections for the broader market on Friday,
becoming the latest industrial group to fall victim to weak
demand in its main European market.

“We have seen a very slow Q3 in terms of demand for Europe
… And we don’t feel really a positive momentum going into Q4
and going into 2015,” Chief Executive Kurt Bock told Reuters
Insider.

Oct 24, 2014

BASF cuts 2015 forecast, braces for weaker markets

FRANKFURT (Reuters) – BASF (BASFn.DE: Quote, Profile, Research, Stock Buzz), the world’s largest chemicals company by sales, cut its 2015 earnings forecast on weak demand in its European home markets and said on Friday restructuring measures would shore up earnings from 2017 onwards.

BASF, whose products include car coatings, foam chemicals and catalytic converters, slashed its outlook for global chemical production growth in 2015 to 4.0 percent from 4.9 percent previously.

Oct 17, 2014

German industry earns cash from green energy upheaval

FRANKFURT (Reuters) – German industry is learning how to profit from the upheaval and costs of the country’s shift towards solar and wind energy.

Greater reliance on renewables in Europe’s biggest power market is making the peaks and troughs of electricity production bigger and less predictable, as the wind picks up or drops and the sun shines or disappears behind the clouds.

Oct 17, 2014

Analysis – German industry earns cash from green energy upheaval

FRANKFURT (Reuters) – German industry is learning how to profit from the upheaval and costs of the country’s shift towards solar and wind energy.

Greater reliance on renewables in Europe’s biggest power market is making the peaks and troughs of electricity production bigger and less predictable, as the wind picks up or drops and the sun shines or disappears behind the clouds.

Oct 13, 2014

Leoni cuts outlook on costly new production line in Mexico

FRANKFURT (Reuters) – German automotive cable and wiring systems supplier Leoni AG (LEOGn.DE: Quote, Profile, Research, Stock Buzz) cut its full-year earnings outlook on Monday, citing cost overruns related to a new production line in Mexico.

The group said it now expects earnings before interest and taxes (EBIT) of at least 180 million euros ($228 million), compared with a previous projection of more than 200 million euros.

Oct 10, 2014

Stada secures third license for copycat biotech drug: CEO

BAD VILBEL Germany (Reuters) – Germany’s Stada plans to bring a copy of Eli Lilly’s Forteo osteoporosis treatment to market, its chief executive said, as the generic drugmaker moves further into the risky field of so-called biosimilars.

Hartmut Retzlaff told Reuters exclusively in an interview that its partner, biotech development firm Richter-Helm, would develop a copy of synthetic hormone Forteo, and that Stada had secured the license to market it in Europe.

    • 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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