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Jul 29, 2015

Fresenius raises 2015 profit guidance on generic infusion drugs

FRANKFURT (Reuters) – German healthcare group Fresenius SE (FREG.DE: Quote, Profile, Research, Stock Buzz) on Wednesday lifted its full-year earnings target for the second time as its rivals in the U.S. generic infusion drug market struggled with longer-than-expected production outages.

Fresenius now expects adjusted group net income growth of 18-21 percent, excluding currency swings, driven by its generic infusion drugs and tube feeding equipment unit Kabi, which is also getting a boost from new product launches.

Jul 29, 2015

Bayer profit boosted by new drugs, better plastics margins

FRANKFURT (Reuters) – German drugmaker Bayer (BAYGn.DE: Quote, Profile, Research, Stock Buzz) saw underlying core earnings increase by one third in the second quarter, helped by a gain in prescriptions of new drugs such a stroke prevention pill Xarelto and lower raw material costs at its plastics division.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 2.90 billion euros ($3.21 billion), above market expectations of 2.68 billion, while revenue gained 18 percent to 12.09 billion, also beating the analyst consensus.

Jul 27, 2015

Syngenta says Monsanto’s $2 billion break-up fee comes with caveat

FRANKFURT (Reuters) – Syngenta (SYNN.VX: Quote, Profile, Research, Stock Buzz) has said a $2 billion break-up fee that unwanted U.S. suitor Monsanto (MON.N: Quote, Profile, Research, Stock Buzz) has pledged to pay if its proposed $45 billion merger failed would only apply in limited cases, leaving its shareholders exposed to the bulk of regulatory risks.

Swiss Syngenta, the world’s largest maker of farming pesticides, told Reuters that based on its legal interpretation of Monsanto’s proposal, the payment would only be triggered if so-called horizontal antitrust concerns were to trip up the deal. Monsanto has rejected this interpretation.

Jul 24, 2015

BASF Q2 operating profit edges up on plastics demand

FRANKFURT, July 24 (Reuters) – BASF, the world’s
largest chemicals firm by sales, posted 2 percent higher
operating profit for the second quarter on Friday, as demand for
specialty plastics for the automotive and construction industry
outweighed lower oil and gas earnings.

The group’s earnings before interest and tax (EBIT),
adjusted for one-off items, rose to 2.04 billion euros ($2.24
billion) in the quarter to June, below the average estimate of
2.12 billion euros in a Reuters poll

Jul 23, 2015

Syngenta spars with suitor Monsanto over takeover

ZURICH (Reuters) – Syngenta (SYNN.VX: Quote, Profile, Research, Stock Buzz) and unwanted suitor Monsanto (MON.N: Quote, Profile, Research, Stock Buzz) squabbled over an earnings report from the Swiss pesticides maker on Thursday, with both sides claiming it strengthened their case in a $45 billion takeover battle.

Monsanto wants to combine its world-leading seeds business with Syngenta’s own seeds and pesticides. Syngenta has rejected the proposal and refused to open its books, despite the offer of a $2 billion cash payment should the transaction fail to win regulatory approval.

Jul 22, 2015

BASF to split off struggling pigments businesses

FRANKFURT, July 22 (Reuters) – German chemicals company BASF
will set up separate legal entities for its pigments
businesses and look into all options, which could include sales,
for operations that have been suffering from industry
overcapacity.

The move affects businesses serving the paints, coatings,
printing and plastics industries among others, with sales of
about 1 billion euros ($1.1 billion) in 2014 and 2,500 staff,
BASF said on Wednesday.

Jul 21, 2015

Swiss drugmaker Actelion upgrades full-year forecast despite profit miss

ZURICH, July 21 (Reuters) – Actelion, Europe’s
biggest biotech company, raised its full-year outlook despite
posting lower than expected earnings on Tuesday, with the sales
decline in an older lung drug overshadowing growth in a
replacement treatment.

The Swiss drugmaker has a dominant position in treatments
for pulmonary arterial hypertension, which weakens the heart,
and is banking on its new drug for the condition, Opsumit, to
help to cut the company’s reliance on its original blockbuster
Tracleer, which loses patent protection this year.

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.

    • 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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