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Sep 5, 2013

ThyssenKrupp prepares for capital measures – sources

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.

Aug 20, 2013

Deutsche Wohnen makes $2.3 billion bet on Berlin property with GSW bid

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.

Aug 20, 2013

London’s ‘Gherkin’ owner IVG seeks protection from creditors

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.

Aug 14, 2013

Pressure mounts for ThyssenKrupp cap hike as revamp stalls

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.

Aug 13, 2013

ThyssenKrupp finances weaken as Americas sale drags on

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.

Aug 11, 2013

Steel Americas cloud hangs over Germany’s ThyssenKrupp

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.

Jul 31, 2013

Siemens names CFO to lead turnaround after dumping CEO

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.

Jul 29, 2013

In leaving, Siemens CEO seeks to take down chairman

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.

Jul 26, 2013

Siemens’ board to discuss management’s future at weekend: sources

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.

Jul 25, 2013

Axel Springer sheds oldest print titles in $1.2 bln deal

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
digital media.

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