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Jul 24, 2014

BASF profit misses forecast as strong euro bites

FRANKFURT (Reuters) – BASF (BASFn.DE: Quote, Profile, Research, Stock Buzz), the world’s largest chemicals maker by sales, became the latest euro zone company to suffer from the strength of the euro, posting lower-than-expected earnings growth even as sales volumes rose.

Second-quarter earnings before interest and tax (EBIT),adjusted for one-off items, rose 12.1 percent to 2.05 billion euros ($2.76 billion), just short of the 2.12 billion euro average estimate in a Reuters poll of analysts.

Jul 24, 2014

BASF Q2 profit shy of market view as strong euro bites

FRANKFURT, July 24 (Reuters) – Quarterly operating earnings
at BASF, the world’s largest chemicals company by
sales, rose slightly less than expected, as a strong euro
lowered the value of overseas sales.

Second-quarter earnings before interest and tax (EBIT),
adjusted for one-off items, rose 12.1 percent to 2.05 billion
euros ($2.76 billion), just short of the 2.12 billion euro
average estimate in a Reuters poll of analysts.

Jul 22, 2014

Wacker Chemie raises 2014 profit forecast on strong polysilicon demand

FRANKFURT, July 22 (Reuters) – Germany’s Wacker Chemie
raised its full-year core profit forecast for 2014,
citing cost cuts and strong demand at its polysilicon unit,
which mainly serves the photovoltaic industry.

It now expects earnings before interest, taxes, depreciation
and amortisation (EBITDA) to be up by at least a third this
year, compared with last year’s 678.7 million euros ($915
million), to reach at least 905 million euros.

Jul 1, 2014

Bayer broadens healthcare line by keeping Merck’s consumer brands

FRANKFURT, July 1 (Reuters) – German drugmaker Bayer said it
would keep the Dr. Scholl’s and Coppertone brands it bagged as
part of a $14 billion buy from U.S. Merck, despite overtures
from companies keen to grab them, widening its healthcare line
to include consumer goods.

Just weeks after clinching the deal to buy Merck ‘s
non-prescription drugs business, Bayer – best known
as a life sciences company which makes cancer drugs – is being
courted by rivals keen to acquire the foot care and sunscreen
brands, several people with knowledge of the approaches told
Reuters.

Jun 30, 2014

Ineos buys out BASF for full control of Styrolution JV

FRANKFURT, June 30 (Reuters) – Petrochemicals group Ineos
has agreed to buy BASF’s 50 percent stake in German
plastics maker Styrolution for 1.1 billion euros ($1.5 billion)
to take full control of the company, they said on Monday.

As part of a joint-venture agreement struck in October 2011,
Ineos had the right to buy BASF’s 50 percent of Styrolution, a
maker of plastics used in car front grills, food packaging and
Lego and Playmobil toys, from February this year onwards.

Jun 23, 2014

Bayer bets on gene therapy with Dimension deal

FRANKFURT/LONDON (Reuters) – Bayer has struck an alliance with U.S. biotech firm Dimension Therapeutics to develop a gene therapy for the treatment of haemophilia A, marking renewed interest in an approach to tackle the cause of diseases at a cellular level.

Gene therapy involves inserting corrective genes into malfunctioning cells to get them to work again without further use of drugs. Dimension has been looking into using viruses to carry the genes to the affected cells.Gene therapy has seen more than 20 years of experiments and a series of disappointments. However, Amsterdam-based UniQure is about to start selling its gene therapy drug Glybera in Europe as a treatment for the ultra-rare disease lipoprotein lipase deficiency (LPLD) with partner Chiesi.

Jun 6, 2014

Deutsche Bank opts against stake in Borussia Dortmund

FRANKFURT, June 6 (Reuters) – Germany’s largest lender
Deutsche Bank said on Friday it had considered taking
a stake in German first-division soccer club Borussia Dortmund
but decided against it.

“The executive board of Deutsche Bank has decided
unanimously today not to take a stake in Bundesliga club
Borussia Dortmund at the moment, following an appraisal process
over a longer period of time,” a spokesman said in a written
statement.

Jun 4, 2014

Germany’s RAG maps out steps for cutting Evonik stake

FRANKFURT, June 4 (Reuters) – The RAG Foundation, a German
public-sector trust, said it would reduce its stake in Evonik
as it balances the need to diversify its investment
risks with the desire to keep control over Germany’s
second-largest chemical maker.

The foundation’s head, former German economic affairs
minister Werner Mueller, said on Wednesday RAG’s executive board
had received the go-ahead from trustees to cut its Evonik stake
to 60 percent over the medium term, from 68 percent currently.

Jun 3, 2014

Bayer’s CEO to quit in 2016, CFO moves over to lead strategy

FRANKFURT, June 3 (Reuters) – German drugmaker Bayer AG
said on Tuesday its chief executive Marijn Dekkers is
to step down at the end of 2016 for family reasons and the
group’s chief financial officer is moving over later this year
to take charge of strategy to ensure continuity.

“In line with his own wishes, the contract of Dr. Marijn
Dekkers will be extended by just two years on expiration of the
initial five-year period. Dekkers cited family reasons for
extending his contract only until the end of 2016,” the company
said in a statement.

Jun 2, 2014

Henkel to buy three U.S. hair care brands for $370 million

FRANKFURT/LONDON (Reuters) – Germany’s Henkel (HNKG_p.DE: Quote, Profile, Research, Stock Buzz) will buy three U.S. hair care companies for 270 million euros ($370 million) in cash as the household products and industrial glues maker aims to strengthen its business with hair salons.

Henkel, which already owns Schwarzkopf hair products, said the three brands – SexyHair, Alterna and Kenra – have annual sales of about 140 million euros, mostly through hair salons.

    • 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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