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☆ 2024 will be a year of transition for Schaeffler, CEO says
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2024 will be a year of transition for Schaeffler, CEO saysKlaus Rosenfeld, CEO of Schaeffler, discusses full-year earnings and the automotive industry.

Persons: Klaus Rosenfeld

☆ Ferrovial ends bumpy Heathrow ride on a high
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 29 (Reuters Breakingviews) - Ferrovial (FERF.AS) may be relieved to be exiting one of the world’s busiest airports. The Spanish infrastructure giant has sold its final stake in Heathrow, left over after its 2006 acquisition of BAA, which owned the hub along with Stansted and Gatwick. Regulators forced BAA to sell airports like Gatwick on competition concerns, and Ferrovial later trimmed its stake to just 25%. In 2020 Covid-19 struck, and Heathrow has since been locked in disputes with airlines like British Airways, who accuse it of overcharging. The price paid by Ardian and Saudi Arabia’s Public Investment Fund values Heathrow including debt, at 25 billion pounds, a 27% premium to its regulated asset base.

Persons: –, Aimee Donnellan, Julius Baer’s, Lisa Jucca, Streisand Neto Organizations: Reuters, BAA, Stansted, Regulators, Gatwick, Heathrow, British Airways, Saudi Arabia’s Public Investment Fund, Jefferies, X, Barclays, Thomson Locations: Spanish, Heathrow, Gatwick, It’s

☆ Rolls-Royce's overhaul is deceptively ambitious
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters Breakingviews) - Rolls-Royce (RR.L) boss Tufan Erginbilgic wants to push Britain's biggest aerospace company to its limit. On the face of it, Erginbilgic's targets are not overly ambitious. Analysts were already forecasting a group operating margin of 11% in 2025 on the back of an air traffic recovery, according to LSEG data, not far below Erginbilgic's goal of 13%-15%. Yet this is the same margin range of Rolls-Royce's rivals Safran (SAF.PA) and General Electric (GE.N) which make engines for short-haul flights. Rolls-Royce's engines are instead used to power so-called widebody aircraft like Airbus's A330neo, used for transatlantic flights.

Persons: Tufan Erginbilgic, Safran, Pamela Barbaglia, Julius Baer’s, Warren Buffett, Neil Unmack, Streisand Neto Organizations: Reuters, Royce, Investors, General Electric, X, Thomson

☆ Barclays strategic fix will entrench low valuation
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters Breakingviews) - Barclays (BARC.L) is looking for a valuation cure. Cutting into the investment bank and reallocating to the more stable retail operations may look enticing but is hard to do without upending short-term returns. Still, the currently favoured suggestion of cutting less profitable investment bank clients sounds equally tricky, and might only shave at most a tenth off Barclays’ 219 billion pounds of corporate and investment bank risk-weighted assets. At Credit Suisse-inflated UBS (UBSG.S), which trades near book value, investment bank RWAs are 25%. Even getting Barclays’ corporate and investment RWAs back to 50% of the total would involve shrinking them by over a fifth.

Persons: Venkatakrishnan, Aimee Donnellan, Julius Baer’s, Warren Buffett, George Hay, Streisand Neto Organizations: Reuters, Barclays, Barclays ’, Deutsche Bank, Credit Suisse, UBS, X, Thomson Locations: reallocating

☆ Schaeffler’s token bump sets up bigger battle
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Staff Acquire Licensing RightsLONDON, Nov 27 (Reuters Breakingviews) - Schaeffler’s (SHA_p.DE) token bump for Vitesco Technologies (VTSCn.DE) may not ensure a smooth ride. The 3.4 billion euro German industrial group raised its tender price for shares in auto parts group Vitesco by 3% to 94 euros. On that basis the 94 euros tender price is only a 7% premium above fair value. Assuming enough shareholders now tender, the final merger price for any remaining shares will be set by a third-party valuer. Yet Vitesco’s board, backed by three banks including JPMorgan (JPM.N) and Lazard (LAZ.N), have now published fairness opinions saying the company is worth more than 94 euros.

Persons: Thomas Stierle, David Einhorn’s, Neil Unmack, Warren Buffett, George Hay, Streisand Neto Organizations: REUTERS, Staff, Reuters, Vitesco Technologies, JPMorgan, Lazard, X, Thomson Locations: Frankfurt, Germany, China, Rome

☆ Vitesco says new Schaeffler offer for EV merger 'inadequate'
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

The Vitesco company logo is seen at Continental's pilot location for industry 4.0 applications in Regensburg, Germany, February 28, 2020. REUTERS/Michael Dalder/File Photo Acquire Licensing RightsNov 27 (Reuters) - German automotive supplier Schaeffler (SHA_p.DE) raised its offer price for shares in Vitesco Technologies (VTSCn.DE) on Monday, as a goodwill gesture, but Vitesco management said the new offer was "inadequate". Germany's billionaire Schaeffler family holds all voting rights and 75% of shares in its namesake supplier of electric vehicle components. It also owns close to 50% of Vitesco, making the likelihood the merger will be agreed all but certain. However, under pressure from some investors, who said the original offer of 91 euros per share was too low, it increased its offer price to 94 euros ($102.53) per share in Vitesco.

Persons: Michael Dalder, Schaeffler, Vitesco, Amir Orusov, Christina Amann, Rachel More, Barbara Lewis Organizations: REUTERS, Vitesco Technologies, Continental AG, Thomson Locations: Regensburg, Germany, Vitesco

☆ Julius Baer’s damage control only goes so far
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Nov 27 (Reuters Breakingviews) - Julius Baer (BAER.S) has soothed agitated investors’ fears – but only up to a point. The $11 billion Swiss wealth manager said on Monday that 70 million Swiss francs of recently revealed losses stemmed from 606 million Swiss francs of loans to a single corporate client – which Reuters identified as troubled property group Signa. That’s 40% of the bank’s 1.5 billion Swiss francs riskiest credits, an uncomfortably high concentration. That implies a buffer of 450 million Swiss francs over the 14% threshold at which boss Philipp Rickenbacher gets comfortable doing share buybacks.

Persons: Julius Baer, Arnd, ’, –, Philipp Rickenbacher, Julius Baer’s, Lisa Jucca, Warren Buffett, George Hay, Streisand Neto Organizations: REUTERS, Reuters, X, Thomson Locations: Zurich, Switzerland, China

☆ Amazon’s shipping splurge delivers payoff
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

A worker sorts products during Cyber Monday operations at the Amazon's fulfillment center in Robbinsville, New Jersey, U.S., November 27, 2023. In 2016, before its in-house logistics initiative took off, global shipping costs tallied about $16 billion, with customers covering about half. Last year, the total expense was about five times higher. Moreover, higher turnover means higher profit, especially from ancillary services such as advertising. And that’s before the generally lucrative holiday season, which should bring Amazon shareholders some more upbeat shipping news.

Persons: Robert Cyran, Julius Baer’s, Warren Buffett, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, UPS, FedEx, Wall Street Journal, Services, Shipping, Amazon, X, Thomson Locations: Robbinsville , New Jersey, U.S, America, China

☆ Schaeffler CEO says Vitesco takeover bid 'makes a lot of sense'
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSchaeffler CEO says Vitesco takeover bid 'makes a lot of sense'Klaus Rosenfeld, CEO of Schaeffler, discusses earnings and the firm's takeover bid of Vitesco.

Persons: Klaus Rosenfeld

☆ Siemens and Microsoft to work together on AI project
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsZURICH, Oct 31 (Reuters) - Siemens (SIEGn.DE) and Microsoft (MSFT.O) on Tuesday announced a joint project to use artificial intelligence to increase productivity and human-machine collaboration. The Siemens Industrial Copilot scheme will see the two companies work together to use generative AI for the manufacturing, transportation and healthcare industries. German automotive supplier Schaeffler AG (SHA_p.DE) is among the companies to have adopted the Siemens Industrial Copilot, Siemens said. The project will create AI copilots to assist staff at customer companies as they design new products, and organise production and maintenance. It intends to use the Siemens Industrial Copilot to reduce production downtimes at its plants.

Persons: Dado Ruvic, Schaeffler, Roland Busch, John Revill, Friederike Heine Our Organizations: REUTERS, Rights, Siemens, Microsoft, Tuesday, Schaeffler AG, Copilot, Thomson

☆ Ericsson $3 bln hit ticks most boxes for M&A folly
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsLONDON, Oct 12 (Reuters Breakingviews) - Börje Ekholm’s overpriced M&A has come home to roost. The $15 billion Swedish telco equipment maker’s chief executive said on Wednesday he was writing down 50% of the value of software company Vonage. While the 32 billion Swedish crowns ($3 billion) hit is a non-cash impairment, Vonage remains a major goof. Ericsson bought it for $6.2 billion as recently as November 2021, in cash, and the deal only closed three months ago. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Blake, Breakingviews, Ekholm, Karen Kwok, George Hay, Streisand Neto Organizations: T's, REUTERS, Reuters, Ericsson, Deutsche Telekom, Reuters Graphics Reuters, X, Qantas, Thomson Locations: San Diego , California, U.S, Brussels

☆ Covid exits corporate earnings with a bump
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Revenue at the pizza delivery company was down about 4% from the same period last year, as restaurants in the U.S. sold less. Walgreens, meanwhile, lost $180 million in the quarter, while citing significantly lower revenue from Covid tests and vaccines. Meanwhile, Delta delivered record revenue for the quarter, with 30% earnings growth year-on-year, and is quickly repaying debt it took on during the chaos of 2020. While there’s no room for complacency about future shocks, third-quarter earnings might provide a bookend to a strange, turbulent time.

Persons: Brendan McDermid, Delta, Robert Cyran, John Foley, Sharon Lam, Aditya Sriwatsav Organizations: New York Stock Exchange, REUTERS, Reuters, Walgreens Boots Alliance, Delta Air Lines, Revenue, Walgreens, Air, X, Ericsson, Qantas, Thomson Locations: New York City, U.S, Domino’s

☆ Qantas overhaul gets stuck on tarmac
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Qantas Airways QF100 flight, which marks the airline's 100th birthday, departs from Sydney Airport to fly over Sydney Harbour in Australia, November 16, 2020. Gregg Porteous/Destination NSW/Handout via REUTERS Acquire Licensing RightsMELBOURNE, Oct 11 (Reuters Breakingviews) - Qantas Airways (QAN.AX) customers are already used to interminable waits due to postponed or cancelled flights and lost luggage. Now the $5.4 billion airline has shunted its much-needed governance overhaul into an unnecessary holding pattern. On Wednesday Qantas said Richard Goyder is stepping down after five years as chair along with two other directors who have been on the board for a decade. And Goyder intends to remain in the cockpit until just before the company’s annual meeting in over a year’s time.

Persons: Gregg Porteous, –, Richard Goyder, Alan Joyce, Jaqueline Hey, Maxine Brenner, Goyder, Antony Currie, Una Galani, Thomas Shum Organizations: Qantas Airways QF100, Sydney Airport, Sydney Harbour, Handout, REUTERS Acquire, Rights, Reuters, Qantas Airways, Wednesday Qantas, Qantas, X, Alstom, Thomson Locations: Australia, Brussels

☆ Birkenstock IPO gets predictable shoeing
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

A sign is illuminated at the entrance to a Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS/Toby Melville Acquire Licensing RightsNEW YORK, Oct 11 (Reuters Breakingviews) - Birkenstock’s (BIRK.N) IPO is a flop. The Birkenstock enterprise was gunning for a multiple of 19 times EBITDA, well above that of Europe's luxury conglomerates. And if the first-day stock woes stick, a suitor might soon walk all over Birkenstock. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Toby Melville, L, gunning, Oliver Reichert don’t, Bernard Arnault, Pamela Barbaglia, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Tech, Compagnie Financiere, X, Qantas, Thomson Locations: London, Britain, United States, Europe, New York, Brussels

☆ LVMH may have to settle for a more humdrum future
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The disappointing results knocked 6% off LVMH stock on Wednesday and dragged down rivals Richemont (CFR.S) and Kering (PRTP.PA) which also fell about 3%. That may compound investor worries about an overall slowdown of the company that’s behind Louis Vuitton and Christian Dior (DIOR.PA). And China’s economic slowdown and a possible U.S. recession make their future even more uncertain. LVMH is trading at 20 times its expected 2023 earnings after Wednesday's fall. If the less exuberant times keep rolling, LVMH may find itself settling for an even less luxurious valuation.

Persons: Richemont, Bernard Arnault’s, Louis Vuitton, Christian Dior, Karen Kwok, Aimee Donnellan, Streisand Neto Organizations: Reuters, UBS, Hermès, Reuters Graphics Reuters, Qantas, Thomson Locations: Asia, Japan, Brussels

☆ Vitesco shares soar on 3.64 bln euro Schaeffler deal
▼ + stars: | 2023-10-09 | by ( Ozan Ergenay | ) www.reuters.com time to read: +1 min

BERLIN, Oct 9 (Reuters) - Vitesco (VTSCn.DE) shares rose 19.8% on Monday morning on news that its largest shareholder Schaeffler AG (SHA_p.DE) will launch a tender offer valuing the powertrain supplier at 3.64 billion euros ($3.83 billion). EV components maker Schaeffler AG, controlled by Germany's billionaire Schaeffler family, already holds 49.9% of Vitesco, which has seen its shares rise 39% this year. Schaeffler shares were down 6.6% at 0713 GMT. Schaeffler said it would offer remaining shareholders 91 euros ($95.83) per share, a fifth above last week's closing price. Listed preference shares are to be converted into ordinary shares, and the remaining shareholders will be on an equal footing with the family holding ordinary shares.

Persons: Schaeffler, Vitesco, Ozan Ergenay, Christina Amann, Victoria Waldersee, Friederike Heine, Kim Coghill, Louise Heavens Organizations: Schaeffler AG, EV, Schaeffler, Thomson

☆ Schaeffler auto deal has multiple value drivers
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange during the vitesco IPO in Frankfurt, Germany, September 16, 2021. REUTERS/Staff Acquire Licensing RightsLONDON, Oct 9 (Reuters Breakingviews) - Gearing up to take over an auto company on the eve of a recession might look risky. The merger will be done through a tender for the 50% of Vitesco’s stock not held by the family, then a merger with what's left. Cost synergies on top could be worth 3.5 billion euros in present value terms. As part of the merger, Schaeffler will adopt a more shareholder-friendly structure with equal voting rights.

Persons: what's, Schaeffler, Neil Unmack, Sandoz, George Hay, Streisand Neto Organizations: REUTERS, Staff, Reuters, Vitesco Technologies, X, Alstom, Thomson Locations: Frankfurt, Germany, China, Brussels

☆ German auto group Schaeffler launches takeover bid for Vitesco
▼ + stars: | 2023-10-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGerman auto group Schaeffler launches takeover bid for VitescoKlaus Rosenfeld, CEO of Schaeffler, speaks to CNBC after the German auto group launched a takeover bid for Vitesco.

Persons: Vitesco Klaus Rosenfeld Organizations: Schaeffler, CNBC, Vitesco

☆ Billionaire Schaeffler family mulls Vitesco buyout, Bloomberg reports
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: 1 min

Oct 8 (Reuters) - Germany's billionaire Schaeffler family is considering a buyout of Vitesco Technologies Group (VTSCn.DE) to boost their presence in the electric vehicle supply chain, Bloomberg News reported on Sunday. Schaeffler family holding companies already own about 49.9% of Vitesco, Bloomberg said. Vitesco has a market value of about 3 billion euros ($3.2 billion), the report added. Schaeffler and Vitesco did not immediately respond to Reuters request for comment. ($1 = 0.9472 euros)Reporting by Lavanya Ahire in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Schaeffler, Vitesco, Lavanya, Lisa Shumaker Organizations: Vitesco Technologies, Bloomberg, Schaeffler, Thomson Locations: Vitesco, Bengaluru

☆ Exclusive: Hydrogen firm Thyssenkrupp Nucera says IRA spurring U.S. interest
▼ + stars: | 2023-03-09 | by ( Christoph Steitz | ) www.reuters.com time to read: +5 min

Thyssenkrupp Nucera held talks about several potential green hydrogen projects "with very concrete timelines" during a trip to the United States last week, Chief Executive Werner Ponikwar said in an interview. Green hydrogen, produced using renewable energy, is seen as key to decarbonising industry and so meeting climate targets. "We are gaining a new growth market," Ponikwar said. Ponikwar expects the U.S. hydrogen market to grow to a mid double-digit gigawatt (GW) amount by the end of the decade, from just a few hundred megawatts currently. While the IRA supports hydrogen production, it does not require makers of hydrogen equipment to produce locally, unlike other renewable technologies where that's a condition to qualify for credits.

☆ Schaeffler CEO: We've decided not to neglect opportunities in hybrid vehicles
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSchaeffler CEO: We've decided not to neglect opportunities in hybrid vehiclesKlaus Rosenfeld, CEO of the German automotive supplier, discusses its earnings and how the firm is approaching the automotive industry's transition to electric vehicles.

☆ Holding on to your best people can be a mistake, says manufacturing CEO
▼ + stars: | 2022-11-04 | by ( Cristy Garratt | Victor Loh | ) www.cnbc.com time to read: +1 min

As a manager, it can be tempting to do everything within your power to hold on to your best people. But that kind of thinking can ultimately backfire on you as a leader, explained Dharmesh Arora, regional CEO for Asia Pacific at German manufacturer Schaeffler. Arora learned this lesson the hard way during his first managerial stint as a supply chain manager at General Motors. Within three years, he helped me fix some of the perennial demand management and supply chain challenges we had in our systems," Arora recalled. "We as managers, as leaders, are to empower and enable the best in our team members," Arora said.

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