DIRS.INFO The most relevant business & tech news

☆ What's behind Siemens Energy's 300% rise this year — and what's next?
▼ + stars: | 2024-12-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +9 min

One silver lining, according to Buller, could be the lower cost of future maintenance after Siemens Energy fixes the current problems. "All our analysis from the very beginning was done assuming Siemens Gamesa was worth nothing," Cutler told CNBC Pro. Siemens Energy's new U.S. factory, which isn't ready yet, has sold out its manufacturing capacity for the next two years. said Chris Smith, fund manager of Artisan Focus Fund, which owns stakes in both GE Vernova and Siemens Energy. Siemens Energy's share price move this year has also been in spite of the lackluster performance in its wind turbine division.

Persons: Christian Bruch, Philip Buller, Gamesa, Ingo Speich, Speich, Berenberg's Buller, Buller, Alec Cutler, Cutler, Gael, Vernova, Chris Smith, Smith Organizations: Siemens Energy, JPMorgan, Jefferies, Citi, UBS, Santander, Deka Investment, Siemens, CNBC Pro, Deka Investments, CNBC, Gael de, Deutsche Bank, GE Vernova, Systems, ABB, Hyundai, GE, General Electric, New York Stock Exchange, Siemens AG, Artisan Focus Locations: ENRN, Munich, Gamesa, Bray, European, South, U.S, Europe

[1/3] Oliver Blume, Chairman of the Board of Management of Volkswagen AG and Dr. Ing. He did not mention the company's Xinjiang plant in China, a joint venture with SAIC Motor (600104.SS), which has become a sore point for human rights activists as well as some shareholders, including top-20 investors Deka Investment and Union Investment. "Volkswagen must be certain that its supply chains are clean," said Ingo Speich, head of sustainability and corporate governance at Deka. Volkswagen's China chief visited the plant in Xinjiang earlier this year and said he saw no evidence of forced labour. Shareholders flagged rising competition from Chinese EV competitors in China, with BYD (002594.SZ) outselling Volkswagen as the top passenger car brand earlier this year.

☆ Chinese competition, Xinjiang plant loom large for Volkswagen investors at AGM
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

BERLIN, May 10 (Reuters) - Volkswagen (VOWG_p.DE) investors will demand answers from the carmakers' executives at its annual general meeting on Wednesday on its competitiveness in China and its contested plant in Xinjiang, advance copies of their speeches showed. "Volkswagen must be certain that its supply chains are clean," said Ingo Speich, head of sustainability and corporate governance at Deka. Volkswagen's China chief visited the plant in Xinjiang, jointly owned with SAIC (600104.SS) earlier this year and said he saw no evidence of forced labour. Shareholders will also flag the rising competition from Chinese electric vehicle competitors in China, with BYD outselling the Volkswagen brand to be the bestselling passenger car brand earlier this year. Reporting by Victoria Waldersee, Jan Schwartz; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen defends China record at turbulent shareholder meeting
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: +2 min

Volkswagen defended its record in China and its decision to jointly own a plant in the Xinjiang region after activists and investors lashed out at the carmaker at a volatile annual general shareholder meeting on Wednesday. The United Nations said last year that China's "arbitrary and discriminatory detention" of Uyghurs and other Muslims in its Xinjiang region may constitute crimes against humanity. Rights groups have documented abuses including mass forced labour in detention camps which China has denied. Investors called on Volkswagen to request its joint venture partner SAIC seeks an independent external audit of the Xinjiang plant. "Volkswagen must be certain that its supply chains are clean," said Ingo Speich, head of sustainability and corporate governance at Deka, a top-20 Volkswagen shareholder.

☆ Volkswagen sees no sign of forced labor at its plant in Xinjiang
▼ + stars: | 2023-02-28 | by ( ) edition.cnn.com time to read: +4 min

Volkswagen faced a barrage of criticism from campaigners Tuesday after the head of its Chinese business said he saw no sign of forced labor during a visit to the carmaker’s plant in Xinjiang. Activists and an international group of lawmakers said verifying labor standards in the region was impossible. Rights groups have documented human rights abuses in Xinjiang since the 2000s, including mass forced labor in detention camps which the United Nations said could constitute crimes against humanity. Brandstaetter said he saw no signs of forced labor and that workers’ comments matched the reports Volkswagen had received from SAIC about the plant. Reputational riskVolkswagen says it has never found evidence of forced labor among its Xinjiang workforce and its presence is positive for the local population.

Lawrence Elbaum, co-head of law firm Vinson & Elkins' shareholder activism practice, said investors were looking for value-boosting strategies that do not require much funding in a difficult market. Deka Investment, which has around 367 billion euros ($392 billion) in assets under management and holds stakes in most major German corporations, has repeatedly called out German companies for structural weaknesses. Germany's blue-chip DAX 30 index (.GDAXI) put in the worst performance of any major European stock market in the past year, rising just 2%. Joe Kaeser, supervisory board chairman of Siemens Energy (ENR1n.DE), said the United States was much more advanced, and also more successful, in the field of shareholder activism. As CEO of conglomerate Siemens AG from 2013 until 2021, he engineered one of Germany's most successful corporate break-ups, separately listing Siemens Energy and Siemens Healthineers (SHLG.DE) and merging Siemens's wind unit with Spain's Gamesa.

☆ Bayer picks outsider Anderson as CEO after investor pressure
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

News of the CEO change sent the German drugs-to-pesticides giant's shares to their highest level in nearly eight months. Shares in Bayer closed up 6% on the news of the new CEO, reaching the top of Frankfurt's blue-chip index and hitting their highest level since June last year. "Bill Anderson's mission is clear: enable Bayer to realize its full potential and create sustainable value for our shareholders, farmers, patients, consumers, employees, and all stakeholders of the company," Winkeljohann added. Sources told Reuters earlier this week that activist investor Jeff Ubben had contacted fellow investors to drum up support for big changes at Bayer, including the swift replacement of Baumann. Reporting by Patricia Weiss, Kirsti Knolle and Christoph Steitz; Editing by Tom Sims and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Thyssenkrupp top-20 investor calls for sale of defense division
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 3 (Reuters) - A top-20 investor of Thyssenkrupp (TKAG.DE) on Friday called for a fast disposal of the German industrial group's warship and submarine division, saying the risks associated with the business outweighed potential benefits. "We demand the immediate sale of all defense activities. According to Refinitiv Eikon data, Deka holds 0.45% of Thyssenkrupp shares, making it the company's 12th-biggest shareholder. Thyssenkrupp is weighing what it calls a standalone solution for its defense division, Thyssenkrupp Marine Systems (TKMS), which potentially covers partnerships, joint ventures or any other form of consolidation. "Even a partial sale would be a step in the right direction," Speich said in a speech embargoed for the start of Thyssenkrupp's annual general meeting.

FRANKFURT, Jan 31 (Reuters) - A top-10 shareholder of Bayer (BAYGn.DE) on Tuesday called on the group's supervisory board head to replace chief executive Werner Baumann quickly, adding to investor pressure to restore trust and revive the German drugmaker's sagging share price. But shareholders have also cited a lack of market trust in its top management as a growing burden. "When it comes to CEO succession we say: the sooner the better," Markus Manns, a portfolio manager at Union Investment, one of Bayer's 10 biggest shareholders, told Reuters. Union Investment's Manns cautioned that the non-executive supervisory board may need time to find a qualified candidate. A Bayer spokesperson said the company was always open to a constructive dialogue with shareholders and declined to comment further.

☆ Bayer investor calls for swift replacement of CEO -newspaper
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 28 (Reuters) - Bayer (BAYGn.DE) investor Deka has called for CEO Werner Baumann to be replaced ahead of his scheduled departure, adding to mounting pressure on the German drugmaker. "There is a window of opportunity for Chairman Norbert Winkeljohann to act before the annual general meeting at the end of April. He has to seize that opportunity, otherwise the pressure on him will increase as well," Speich added. "Generally speaking we are always open to a constructive dialogue with our stakeholders," a Bayer spokesperson said, declining to comment specifically on the interview. Another activist investment fund, hedge fund veteran Jeffrey Ubben's Inclusive Capital Partners, said this month it had also acquired a stake in Bayer.

☆ Investors mixed as Porsche seeks price tag of up to $75 billion
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.

☆ Volkswagen shares dip as it values Porsche at up to $75 bln
▼ + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com time to read: +5 min

"It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Shares in Porsche SE (PSHG_p.DE), Volkswagen's largest shareholder which will take a big stake in Porsche AG, were 2.42% higher, topping Germany's DAX blue-chip index (.GDAXI). read moreVolkswagen said on Sunday it would price preferred shares in the flotation of Porsche AG at 76.50-82.50 euros per share. Analysts have compared Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.

Search resuls for: "Speich"

12 mentions found