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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.

Oct 10, 2014

Stada CEO says secures third biosimilar license

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.

Oct 6, 2014

German pilots to strike at Lufthansa Cargo Oct. 8-9

FRANKFURT (Reuters) – German pilots union VC on Monday called a strike again at Deutsche Lufthansa in a dispute over retirement benefits, targeting the airline’s Cargo unit on Oct. 8-9,

The strike at Lufthansa, Germany’s largest airline, is the sixth by its pilots this year and the first to target the air freight unit only.

Sep 26, 2014

Rocket brings IPO forward due to “exceptional” demand

FRANKFURT, Sept 26 (Reuters) – Germany’s Rocket Internet
is bringing its planned initial public offering (IPO)
forward by a week, citing “exceptional investor demand across
all points of the price range” for its shares.

The e-commerce investment group said on Friday the offer
period, which started on Wednesday, would now end at 1100 GMT on
Oct. 1 for institutional investors, while private investors
would have until the end of that business day to subscribe.

Sep 23, 2014

Germany’s Merck to buy Sigma-Aldrich for $17 billion to boost lab supplies operation

FRANKFURT (Reuters) – Drugs and chemicals maker Merck KGaA (MRCG.DE: Quote, Profile, Research) agreed on Monday to acquire U.S.-based Sigma-Aldrich Corp (SIAL.O: Quote, Profile, Research) for $17 billion (10.41 billion pounds) in cash to boost its lab supplies business, the biggest takeover in the German group’s history.

The deal helps Merck, 70 percent controlled by the descendants of its 17th century founder, to focus more on supplying drugmakers and academic institutions with chemicals and services, seen as offering a steadier income stream than drug development.

    • 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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