FRANKFURT (Reuters) – German real estate company IVG Immobilien (IVGG.DE: Quote, Profile, Research, Stock Buzz), co-owner of the landmark ‘Gherkin’ office building in London’s City financial district, said on Tuesday it was seeking protection from creditors after failing to reach an agreement over the restructuring of its debt.
IVG has about 4 billion euros ($5.3 billion) of debt after a rapid expansion spree and had sought for weeks to agree with creditors on swapping some of the debt for equity.
FRANKFURT (Reuters) – Pressure is rising on German conglomerate ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) to seek cash from shareholders as the indebted firm’s plans to pivot its strategy from steelmaking to technology stalls and investor concerns grow.
After being named chief executive in early 2011, Heinrich Hiesinger set a course away from the volatile steel sector to focus on higher-margin businesses such as elevators and factory equipment.
FRANKFURT, Aug 13 (Reuters) – Germany’s ThyssenKrupp
saw its finances weaken in the latest quarter as the
indebted group struggled to find a buyer for its loss-making
Steel Americas division.
ThyssenKrupp has been trying for more than year to find a
buyer for the mills in Brazil and the U.S. state of Alabama,
which have caused losses and sapped capital at Germany’s biggest
steelmaker for the past two years.
FRANKFURT (Reuters) – Pressure is growing on ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) to shore up its strained balance sheet by raising new capital as talks on selling its loss-making steel mills in the Americas drag on.
Once a symbol of German industrial prowess, ThyssenKrupp has been trying for more than year to offload the mills in Brazil and the U.S. state of Alabama, together known as Steel Americas.
FRANKFURT (Reuters) – German engineering group Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) named finance chief Joe Kaeser as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a second profit warning this year.
Loescher had promised that Siemens, whose products range from gas turbines to fast trains and ultrasound machines, would grow faster than rivals such as ABB (ABBN.VX: Quote, Profile, Research, Stock Buzz), General Electric (GE.N: Quote, Profile, Research, Stock Buzz) and Philips (PHG.AS: Quote, Profile, Research, Stock Buzz), but profitability was held back by bungled acquisitions, charges for project delays and a focus on sales growth.
FRANKFURT (Reuters) – Siemens CEO Peter Loescher, whose departure was announced after he issued profit warnings that wrecked the share price of one of Germany’s largest industrial conglomerates, may drag the man who hired him down with him, a newspaper reported on Monday.
In what is quickly shaping up to be one of the most dramatic corporate battles in Germany in years, German daily Sueddeutsche Zeitung cited company sources as saying Loescher was willing to resign only if supervisory board chairman Gerhard Cromme also leaves.
MUNICH (Reuters) – Members of Siemens’ (SIEGn.DE: Quote, Profile, Research, Stock Buzz) supervisory board will meet at the weekend to discuss the future of the German engineering group’s management, two people familiar with the matter said on Friday, a day after the firm abandoned its 2014 profit target.
There was some respite for Chief Executive Peter Loescher on financial markets, with shares in one of Europe’s biggest industrial producers rising 1.4 percent after sinking around 8 percent on the profit warning a day earlier.
FRANKFURT, July 25 (Reuters) – Publisher Axel Springer
struck a 920 million euro ($1.22 billion) deal to
sell some of Germany’s best-known newspapers and magazines,
severing its oldest roots in order to intensify its focus on
The company said on Thursday it was selling regional
newspapers Berliner Morgenpost and Hamburger Abendblatt, five TV
programme guides and two women’s magazines, jointly accounting
for about 15 percent of group revenues, to Germany’s Funke
FRANKFURT, July 22 (Reuters) – German software maker SAP AG
is breaking up its dual-CEO structure and giving sole
executive power to Bill McDermott, only weeks after his after
co-CEO Jim Hagemann Snabe defended the power-sharing structure
in a newspaper interview.
Hagemann will move to SAP’s supervisory board in a rejig
which comes two months after the group announced a management
revamp to sharpen its focus on “cloud” computing, a hot area for
SAP and its rivals which allows clients to ditch costly servers
for network-based software and storage in remote data centres.
FRANKFURT, July 18 (Reuters) – German business software
maker SAP AG trimmed its sales outlook for this year,
warning that a slowdown in China was prompting companies across
Asia to put investments on hold.
China’s growth rate slowed to 7.5 percent in the second
quarter, the ninth quarter in the last 10 that expansion has
weakened, in a setback for companies betting on a continued boom
in the world’s second-biggest economy.