FRANKFURT (Reuters) – ThyssenKrupp shares collapsed on Monday after the steelmaker’s announcement of a buyer for only part of its loss-making Steel Americas unit left investors worried how much it still must do to extract itself from a business that is costing it billions.
ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) has been trying since May 2012 to find a buyer for its Steel Americas unit, comprised of a steel slab mill in Brazil and a U.S. finishing plant. Its plan to produce cheap slabs in the former and ship them to the latter for conversion into products for carmakers fell apart when Brazil’s currency appreciated, hiking labor and production costs, and demand for cars slowed with the global economy.
FRANKFURT, Nov 29 (Reuters) – Germany’s ThyssenKrupp
announced plans to for a much-needed capital increase
after striking a deal to sell its U.S. steel plant to
ArcelorMittal and Nippon Steel & Sumitomo Metal Corp
for $1.55 billion.
It said late on Friday it would increase its capital by as
much as 10 percent in a transaction excluding subscription
rights, which would raise close to 1 billion euros ($1.36
billion) at its current share price.
FRANKFURT/MUNICH (Reuters) – Germany’s powerful IG Metall labour union warned that it may call on workers at EADS (EAD.PA: Quote, Profile, Research, Stock Buzz) to take further industrial action to protest the European aerospace company’s planned restructuring.
“If the demands of management are too extreme and seem disproportionate to us, then further action is certainly to be expected,” IG Metall board member Juergen Kerner told Reuters in an interview.
FRANKFURT/MUNICH, Nov 27 (Reuters) – Germany’s powerful IG
Metall labour union warned that it may call on workers at EADS
to take further industrial action to protest the
European aerospace company’s planned restructuring.
“If the demands of management are too extreme and seem
disproportionate to us, then further action is certainly to be
expected,” IG Metall board member Juergen Kerner told Reuters in
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.