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Aug 9, 2011

RWE and Gazprom willing to extend JV talks

FRANKFURT (Reuters) – RWE (RWEG.DE: Quote, Profile, Research, Stock Buzz) and Russia’s Gazprom (GAZP.MM: Quote, Profile, Research, Stock Buzz) are both willing to develop further their exclusive talks, begun last month, on power station ventures and gas prices, the German utility said on Tuesday.

“There is a match of interests. We want to conclude a new, modernized gas supply treaty with our biggest supplier … while Gazprom for its part wants to increase its value creation here,” Chief Executive Juergen Grossmann said in a press call.

Aug 9, 2011

RWE H1 profit plummets on nuclear phase-out

FRANKFURT (Reuters) – RWE’s (RWEG.DE: Quote, Profile, Research, Stock Buzz) first-half core net profit fell 40 percent, hit by a government decision to phase out nuclear power and unprofitable gas sales, highlighting the problems faced by the German utility’s new CEO-designate.

Germany’s largest power producer said on Tuesday first-half profit took a 900 million euro ($845 million) hit from provisions to decommission nuclear power plants, the write-off of nuclear fuel rods and a nuclear fuel tax.

Aug 9, 2011

RWE H1 plummets on nuclear phase-out

FRANKFURT, Aug 9 (Reuters) – First-half core net profit at
RWE plunged 40 percent, hit by Germany’s decision to
phase out nuclear power , a nuclear fuel tax and
unprofitable gas sales.

Germany shut down eight nuclear power plants after
Japan’s Fukushima nuclear disaster and decided to phase out
nuclear power completely by 2022, overturning legislation that
had originally extended the lifespan of 17 nuclear power
plants.

Aug 2, 2011

Deutsche Post upbeat after strong Q2

FRANKFURT (Reuters) – Deutsche Post DHL (DPWGn.DE: Quote, Profile, Research, Stock Buzz) nudged up its 2011 outlook as it cut costs and garnered more customers seeking supply chain services.

As the economy improves, manufacturers of machine parts, cars and other goods ramp up production and pay Deutsche Post to transport parts and finished products to and from their factories.

Aug 1, 2011

EADS in $1 billion satcom acquisition

FRANKFURT/PARIS (Reuters) – European aerospace group EADS (EAD.PA: Quote, Profile, Research) kept up a hot pace of acquisitions with a $960 million (589.9 million pounds) cash deal to buy satellite communications firm Vizada on Monday, chasing steadier sales from high-value services.

The purchase, from private equity owner Apax France, was flagged by Reuters on Sunday and adds to a string of deals designed to help the Airbus parent firm dispose of surplus cash.

Aug 1, 2011

EADS in $1 billion satellite communications deal

FRANKFURT/PARIS, Aug 1 (Reuters) – European aerospace group EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) is to pay $960 million for satellite communications service provider Vizada in the latest of a series of deals making use of surplus cash.

The purchase, from private equity owner Apax France, was flagged by Reuters on Sunday, and is part of a strategy to reduce EADS’s exposure to cyclical manufacturing revenues, especially those at passenger jet unit Airbus.

Jul 29, 2011

Michelin, Continental lift tire sales targets

PARIS/FRANKFURT (Reuters) – French tire maker Michelin (MICP.PA: Quote, Profile, Research, Stock Buzz) and German rival Continental (CONG.DE: Quote, Profile, Research, Stock Buzz) raised full-year sales targets as price hikes offset higher raw material costs.

Cost inflation as well as the impact of supply chain disruption from Japan’s earthquake in March have been in focus as car makers and suppliers have reported quarterly results in recent days.

Jul 28, 2011

Siemens says markets tough as profit misses view

FRANKFURT (Reuters) – Siemens AG (SIEGn.DE: Quote, Profile, Research, Stock Buzz), Europe’s largest engineering group, cautioned that global economic risks were increasing as its healthcare unit dragged quarterly results below expectations.

Fiscal third-quarter net profit from continuing operations fell 47 percent to 763 million euros ($1.1 billion), lower than a consensus of about 1 billion euros in a Reuters poll, and while the group brushed off concerns that emerging markets might be cooling, it acknowledged developed countries were a worry.

Jul 27, 2011

Daimler sees emerging market car demand cooling

FRANKFURT (Reuters) – German car and truck maker Daimler missed quarterly revenue forecasts and warned strong demand for cars in the key emerging markets of China and India is likely to slow sharply.

Premium and mass-market carmakers have looked to fast-growing markets such as China to make up for sluggish sales growth in Europe, although China’s car market, the world’s biggest, is seen cooling this year due to rising fuel prices and tighter rules on car registrations.

May 31, 2011

VW motors ahead with MAN-Scania truck merger plan

FRANKFURT, May 31 (Reuters) – German carmaker Volkswagen
(VOWG_p.DE: Quote, Profile, Research, Stock Buzz) formally launched its bid for MAN (MANG.DE: Quote, Profile, Research, Stock Buzz) on
Tuesday, in a move towards creating Europe’s biggest truckmaker.

VW’s chairman Ferdinand Piech has long been itching to
combine MAN and Sweden’s Scania (SCVb.ST: Quote, Profile, Research, Stock Buzz) to take on the world’s
biggest truck maker, Daimler (DAIGn.DE: Quote, Profile, Research, Stock Buzz), and number two Volvo
(VOLVb.ST: Quote, Profile, Research, Stock Buzz), but has been hampered by anti-trust issues and
resistance from Scania.