FRANKFURT, Dec 24 (Reuters) – Germany’s HeidelbergCement
has clinched a deal to sell its Hanson Building
Products business to private equity firm Lone Star Funds for
$1.4 billion to reduce its debt.
Up to $100 million of the takeover price will be payable in
2016, depending on the 2015 performance of Hanson Building
Products, whose main markets are in North America and Britain,
the German cement maker said on Wednesday.
FRANKFURT, Dec 9 (Reuters) – An auditor’s report concluded
Kabel Deutschland was worth almost a quarter more
than what Britain’s Vodafone offered for the rump of the
company, potentially helping hedge fund Elliott argue its case
for a higher price for its stake.
Having secured a stake of more than three quarters in Kabel
Deutschland, Vodafone about a year ago offered 84.53 euros per
share ($104) in cash to remaining shareholders as part of a
so-called domination agreement.
FRANKFURT/LONDON (Reuters) – The Western world’s first gene therapy drug is set to go on sale in Germany with a 1.1 million euro ($1.4 million) price tag, a new record for a medicine to treat a rare disease.
The sky-high cost of Glybera, from Dutch biotech firm UniQure (QURE.O: Quote, Profile, Research, Stock Buzz) and its unlisted Italian marketing partner Chiesi, shows how single curative therapies to fix faulty genes may upend the conventional pharmaceutical business model.
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.
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.
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.
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.
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
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.
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.