ROUNDUP: BASF boss changes in troubled times: Kamieth moves to the top
LUDWIGSHAFEN – The world’s largest chemical company BASF is getting new management: Asia boss Markus Kamieth (53) will replace long-time group leader Martin Brudermüller after the general meeting of the Ludwigshafen Dax group in April 2024. The 62-year-old’s farewell had been planned for some time. Kamieth, together with the previous head of technology Melanie Maas-Brunner, was already considered the favorite for the top job. However, Maas-Brunner will not extend her contract, which expires at the end of January 2024, as BASF announced on Wednesday. The share price has been flat following recent gains.
ROUNDUP: Südzucker wants to buy Cropenergies completely – price jump
MANNHEIM – Südzucker wants to completely take over its recently struggling subsidiary Cropenergies and then take it off the stock exchange. The company announced on Tuesday evening a delisting offer for all shares it does not already own. The offer price is likely to be 11.50 euros in cash per share certificate. Cropenergies went public in 2006.
ROUNDUP: United Internet and 1&1 expect growth in 2024
MONTABAUR – The Internet company United Internet and its mobile communications subsidiary 1&1 are expecting better business for the coming year. Sales and operating profit (Ebitda) are expected to increase in 2024, both companies surprisingly announced on Tuesday evening in Montabaur, Rhineland-Palatinate. With his forecasts, CEO Ralph Dommermuth appears to be more optimistic than industry experts. The web hosting subsidiary Ionos had previously announced growth. The news was well received on the stock market on Wednesday.
ROUNDUP/ProSiebenSat.1: Higher investments in the program weigh on earnings
UNTERFÖHRING – The media group ProSiebenSat.1 will show fewer series and films from the USA and instead focus on locally produced content. This will require millions in investments, which will have a negative impact on the results in the coming year. The company announced on Tuesday evening in Unterföhring that the adjusted earnings for interest, taxes, depreciation and amortization (Ebitda) in 2024 should be around the same level as the previous year. ProSiebenSat.1’s decision to reduce the proportion of licensed content from the USA also results in a write-off worth millions. The news was met with a slide in prices on the stock market.
ROUNDUP: Aurubis with a decline in profits after fraud worth millions – dividend falls
HAMBURG – The copper company Aurubis has had to cope with a drop in profits for the past financial year following cases of theft and fraud. Investors are also feeling this, because the dividend is now set to fall. In the new 2023/24 financial year, which runs until the end of September, profits are expected to rise again, but the participation of the Salzgitter steel group is in the middle of the target range, below the average analyst estimate. The supervisory board is also threatening the board of directors with consequences after the problems of the past few months. Investors reacted negatively on the stock market.
Schaeffler AG secures almost 30 percent of Vitesco shares
HERZOGENAURACH – The Franconian automotive and industrial supplier Schaeffler has secured almost 30 percent of the shares in the takeover process for the drive specialist Vitesco AG. Schaeffler announced this on Wednesday after the offer deadline expired on December 15th. Schaeffler CEO Klaus Rosenfeld said on Wednesday that expectations were slightly exceeded.
Fedex disappoints with quarterly figures and lowered outlook
MEMPHIS – The logistics group Fedex has disappointed investors with its business development and statements about the coming year. In after-hours US trading on Tuesday, shares recently fell by almost 8 percent. The announcement that it would buy back its own shares for another billion dollars apparently failed to improve the mood on the stock market. Fedex shares slipped by almost ten percent before the market on Wednesday. It also hit competitors from Europe – including DHL.
Additional Reports
-ROUNDUP: Even higher air traffic taxes don’t make airlines happy
-Districts: Federal government initiates reform of the postal law
-Aurubis tightens security measures after theft and fraud
-Douglas perfumery chain with sales of more than 4 billion euros for the first time
-Weselsky: Bahn has to make concessions on core demands
-European car market is losing some momentum – decline in Germany
-After Saudi entry: Spain wants to buy ten percent of Telefonica shares
Association criticizes plans for higher ticket taxes on passenger flights
-Now also Air France: EU court accepts Corona aid permit
-Numerous warning strikes in retail nationwide shortly before Christmas
-Stiebel Eltron is suffering from a lull in orders for heat pumps
-Raw material costs rose to record levels in 2022
-Deutsche Bank takes longer to process Postbank problems
-ROUNDUP/Family doctors: Practices ‘on the gums’ – Lauterbach is planning a summit
-Bahn informs project partners about additional costs from Stuttgart 21
-Final push for the e-car bonus: thousands of applications still on the weekend
-Electric kick scooter provider Bird in US insolvency proceedings
-Borussia Dortmund plunges into winter depression – Troubled days for Terzic
-Hornbach hardware store group dampens expectations
-After a false start: Blue Origin flew into space again for the first time
-Poland’s government fires public media leadership
-EU tightens requirements for online sex platforms like Pornhub
-ROUNDUP: A lack of snow also opens up new opportunities for winter tourism
-WTO: German apples are not always better for the climate than imported apples
Customer note:
ROUNDUP: You read a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.
/jha
AXC0207 2023-12-20/15:20
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2023-12-20 20:30:36
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