FRANKFURT, Nov 20 (Reuters) – Germany’s ThyssenKrupp
is nearing a long-awaited sale of its U.S. steel plant
and has reached an agreement to settle a cartel lawsuit,
clearing the way for it to raise much-needed capital.
Shares in Germany’s biggest steelmaker fell 2 percent,
however, as it became clear that the deal would not include the
company’s lossmaking Brazilian factory.
BERLIN (Reuters) – New Siemens (SIEGn.DE: Quote, Profile, Research) Chief Executive Joe Kaeser promised shareholders a big share buyback on Thursday, but asked for more time to produce a new strategy as he aims to steady the industrial giant after a boardroom battle.
Kaeser, a conservative former finance chief who got the top job when his predecessor was pushed out in July, tried to dampen expectations for the turnaround plan which he said would be presented in May.
BERLIN (Reuters) – Siemens’ (SIEGn.DE: Quote, Profile, Research) new Chief Executive Joe Kaeser promised on Thursday to buy back up to 4 billion euros ($5.4 billion) worth of shares while asking investors for patience as he works out a strategy by May to close a gap with more profitable rivals.
Shares in the engineering group, Germany’s second-biggest company by market value, rose to their highest level in two and a half years in response to the buyback, and were up 3.9 percent at 96.16 euros at 1155 GMT.
BERLIN, Nov 7 (Reuters) – Germany’s Siemens
expects to make some headway in its struggle to catch up with
more profitable rivals this year, as new Chief Executive Joe
Kaeser makes his mark at the engineering group and cost cuts
start to bear fruit.
Siemens, Germany’s second-biggest company by market value,
said on Thursday it expected fiscal 2014 earnings per share to
rise by at least 15 percent from last year’s 5.08 euros, more
than double the 7.2 percent growth rate of fiscal 2013, while
organic sales remain flat in challenging markets.
FRANKFURT (Reuters) – Siemens’ (SIEGn.DE: Quote, Profile, Research, Stock Buzz) new chief executive Joe Kaeser faces pressure from shareholders to give a flavor of how he plans to reinvent the industrial giant to catch up with more profitable rivals when he presents annual results next week.
After profit warnings and a boardroom bust-up led to his predecessor Peter Loescher’s ouster in July, Kaeser said he would put the builder of products ranging from gas turbines to high-speed trains and ultrasound machines back on an “even keel” [ID:nL6N0G133X]
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.