FRANKFURT, Oct 22 (Reuters) – Germany’s Lufthansa
unveiled a new 2013 profit outlook that fell short of
expectations, driving its shares lower, as restructuring costs
and volatile exchange rates weighed on its earnings.
The German flagship airline, like peers such as Air
France-KLM, is restructuring as it struggles to remain
profitable despite cut-throat competition and soaring costs.
FRANKFURT, Oct 17 (Reuters) – Siemens’ new Chief
Executive Joe Kaeseris is returning more power to lower-level
managers around the world with the aim of making the engineering
group more nimble.
The company, Germany’s second-biggest by market value, said
in a statement on Thursday it was doing away with a level of
regional management it calls “clusters”, introduced by former
chief executive Peter Loescher in 2008, to return to a flatter
hierarchy and make it easier to take quick decisions.
HEIDELBERG, Germany (Reuters) – HeidelbergCement (HEIG.DE: Quote, Profile, Research, Stock Buzz) Chief Executive Bernd Scheifele is facing up to the new reality of a lower growth world, where the priorities are to keep a tight hold on cash for rainy days and not splurge on big acquisitions.
Scheifele said the best recipe for companies to survive in the current uncertain economic environment was to focus on steady organic growth.
FRANKFURT/DUESSELDORF (Reuters) – Activist investor Cevian has raised its stake in ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) to 5.2 percent, in a move that was welcomed by the German steelmaker’s CEO who is trying to steer the loss-making firm into new profitable businesses.
“With Cevian Capital as a new investor we are gaining a renowned European major shareholder who also has extensive industrial experience in Germany,” ThyssenKrupp Chief Executive Heinrich Hiesinger said.
FRANKFURT/MUNICH (Reuters) – Siemens named company insider Ralf Thomas as its new finance chief on Wednesday, replacing Joe Kaeser who was promoted to the chief executive’s post last month following the departure of Peter Loescher in a bitter boardroom battle.
Kaeser and his new CFO now face the challenge of whipping into shape the lumbering German engineering conglomerate with 78 billion euros ($104 billion) of annual sales and products ranging from gas turbines to high-speed trains and ultrasound machines.
FRANKFURT, Sept 5 (Reuters) – German steelmaker ThyssenKrupp
AG is making final preparations for a capital-raising
it could launch as soon as it has decided on a plan for its
ailing Americas business, banking sources said.
Pressure has been rising on Chief Executive Heinrich
Hiesinger to raise cash as ThyssenKrupp, a symbol of Germany’s
industrial prowess, is at risk of breaching loan covenants when
its financial year ends on Sept. 30.
FRANKFURT (Reuters) – Deutsche Wohnen (DWNG.DE: Quote, Profile, Research, Stock Buzz) offered to buy rival residential landlord GSW Immobilien (GIBG.DE: Quote, Profile, Research, Stock Buzz) for 1.8 billion euros ($2.3 billion) to expand in Berlin’s booming rental market and tap nascent interest from international investors.
The all-share deal would push an enlarged Deutsche Wohnen closer to the top five European real estate firms by market value, such as British Land (BLND.L: Quote, Profile, Research, Stock Buzz) and domestic rival Land Securities (LAND.L: Quote, Profile, Research, Stock Buzz), giving it easier access to funding from investors across the continent.
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.