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May 8, 2015

Austria’s Heta must pay BayernLB 2.4 billion euro – Munich court

MUNICH (Reuters) – A Munich court ordered Austrian “bad bank” Heta to repay loans to BayernLB [BAYLB.UL] in a surprise ruling on Friday that hands the German state-controlled lender a partial victory in its efforts to recoup 2.4 billion euros (£1.7 billion).

Presiding Judge Gesa Lutz told Heta, the vehicle set up to wind down the remnants of former BayernLB unit Hypo Alpe Adria, to pay BayernLB 1.03 billion euros and 1.29 billion Swiss francs (£900 million) plus interest.

May 8, 2015

Austria’s Heta must pay BayernLB $2.5 bln – Munich court

MUNICH, May 8 (Reuters) – A Munich court ordered Austrian
“bad bank” Heta to repay loans to BayernLB in a
surprise ruling on Friday that hands the German state-controlled
lender a partial victory in its efforts to recoup 2.4 billion
euros ($2.7 billion).

Presiding Judge Gesa Lutz told Heta, the vehicle set up to
wind down the remnants of former BayernLB unit Hypo Alpe Adria,
to pay BayernLB 1.03 billion euros ($1.15 billion) and 1.29
billion Swiss francs ($1.39 billion) plus interest.

May 5, 2015

Prosecutor adds ex-Deutsche Bank operations chief to Kirch probe

MUNICH, May 5 (Reuters) – German prosecutors have widened an
investigation of Deutsche Bank executives over the
2002 collapse of the Kirch media empire to include the bank’s
former chief operating officer Hermann-Josef Lamberti, a Munich
judge said on Tuesday.

Adding Lamberti, who left Deutsche Bank in 2012, raises to
nine the number of bank executives past and present to be
investigated in the 13-year-old saga.

Mar 2, 2015

Deutsche Bank co-CEO Fitschen faces trial over Kirch case

MUNICH/FRANKFURT (Reuters) – Deutsche Bank co-CEO Juergen Fitschen faces a lengthy trial connected to the Kirch bankruptcy after a court agreed to hear the case in a blow to one of Germany’s most powerful bankers and a setback for its largest bank.

The Munich district court on Monday decided to let the prosecution proceed with a trial of Fitschen and four former executives at the bank following months of deliberation.

Feb 25, 2015

Burda to exit online pet supplies store Zooplus

MUNICH, Germany, Feb 25 (Reuters) – German publisher Hubert
Burda plans to exit its 30 percent stake in online pet supplies
store Zooplus within the next two to three years,
Burda’s digital chief told Reuters.

Zooplus, which says it is Europe’s top online retailer for
pet supplies, has seen its shares leap 80 percent in the past 12
months, valuing the company at 639 million euros ($726 million).

Jan 18, 2015

Chastened Uber CEO seeks fresh start for ride services in Europe

MUNICH/FRANKFURT, Jan 18 (Reuters) – The chief executive of
controversial online ride-sharing company Uber stuck a newly
conciliatory tone on Sunday, promising to create 50,000 new jobs
this year across Europe in cities that are willing to reach
deals to help his firm operate.

“We want to make 2015 the year where we establish a new
partnership with EU cities,” Uber co-founder and CEO Travis
Kalanick told attendees at the DLD conference in Munich,
Germany’s largest annual gathering of media and tech leaders.

Oct 21, 2014

Bertelsmann to buy Relias Learning from Vista Equity

SAN FRANCISCO/MUNICH, Oct 21 (Reuters) – Europe’s largest
media group, Bertelsmann SE & Co KGaA, said on Tuesday
it had struck a deal to acquire Relias Learning from buyout firm
Vista Equity Partners, in what is the company’s biggest push yet
into educational software.

Bertelsmann said in a statement that the price was in the
“mid-hundreds of millions” of dollars. Two people familiar with
the deal, who were not authorized to disclose details publicly,
said Bertelsmann would pay around $540 million.

Oct 17, 2014

Ex-Yugoslav spy chiefs on trial for dissident murder in Germany

MUNICH Germany (Reuters) – Two former Yugoslav intelligence chiefs went on trial in Munich on Friday, charged with masterminding the murder of a Yugoslav dissident in the southern German state of Bavaria more than three decades ago.

Croats Josip Perkovic, 69, and Zdravko Mustac, 72, top officials in the communist-era Yugoslav secret service, are accused of planning the murder of Stjepan Durekovic, also a Croat, who was found dead of gunshot wounds and head injuries in a garage in the town of Wolfratshausen in 1983.

Sep 17, 2014

Adidas shares jump on report of hedge fund activism

MUNICH (Reuters) – Shares in sportswear maker Adidas (ADSGn.DE: Quote, Profile, Research, Stock Buzz) jumped on Wednesday on a report that a group of hedge funds is seeking to buy a stake to pressure management to make sweeping changes, although one of the funds dismissed this.

Germany’s manager magazin said hedge funds including Knight Vinke, Third Point and TCI were considering buying stake in the world’s second-largest sportswear company, driving a 4 percent jump in its shares.

Aug 12, 2014

German prosecutors seek charges against Deutsche Bank co-CEO in Kirch case-sources

MUNICH/FRANKFURT, Aug 12 (Reuters) – German prosecutors are
seeking charges against Deutsche Bank co-CEO Juergen
Fitschen and several former executives at the bank in connection
with the long-running Kirch bankruptcy case, legal sources said
on Tuesday.

The decision to pursue charges, while widely expected, is a
serious blow to Fitschen and Germany’s largest bank, which faces
an array of legal problems, including investigations into
possible manipulation of benchmark interest rates and foreign
exchange markets.