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☆ Several dead in shooting at Jehovah's Witness church in Hamburg
▼ + stars: | 2023-03-09 | by ( Fabian Bimmer | ) www.reuters.com time to read: +2 min

HAMBURG, March 9 (Reuters) - Several people have been killed or seriously injured in a shooting at a Jehovah's Witness church in the northern German city of Hamburg, with the motive for the attack unclear, police said on Thursday. The Bild newspaper reported that seven people were dead and eight others injured in the shooting. "Several people were seriously injured, some even fatally. [1/7] Special police inside the building after at least six people are dead and several more injured in a shooting in the northern German city of Hamburg, Germany, March 10, 2023. REUTERS/Fabian Bimmer 1 2 3 4 5"The dead people all have gunshot wounds," the spokesperson was quoted as saying.

☆ Mercedes-Benz begins building battery recycling factory in southern Germany
▼ + stars: | 2023-03-03 | by ( Industry Insight | Reuters Professional | Green Is The New Black As Fashion Sector Fast-Forwards On Sustainability Trend | ) www.reuters.com time to read: +1 min

Companies Mercedes Benz Group AG FollowFRANKFURT, March 3 (Reuters) - Mercedes-Benz (MBGn.DE) laid the foundation stone for a sustainable battery recycling factory in Kuppenheim, southern Germany on Friday. The pilot plant will have an annual capacity of 2500 tonnes and will contribute to the production of more than 50,000 battery modules for new electric Mercedes-Benz vehicles. Subject to talks with the public sector, the pilot factory will be completed a few months later. The Kuppenheim plant already runs a CO2-neutral operation with solar and green electricity. "We are sending an important signal of innovative strength in Baden-Württemberg and Germany for sustainable electromobility," said Jörg Burzer, management board member of Mercedes-Benz in production and supply chain management.

☆ Remember the 2011 quake: Berlinale film's message to Japan's young
▼ + stars: | 2023-02-23 | by ( Hanna Rantala | ) www.reuters.com time to read: +2 min

[1/5] Director Makoto Shinkai attends a news conference during the promotion of 'Suzume' at the 73rd Berlinale International Film Festival in Berlin, Germany, February 23, 2023. The result was "Suzume", an animated feature that has been a blockbuster in Japan and which held its international premiere at the Berlin Film Festival on Thursday. In touring sites of recent trauma and wreckage, the film has triggered painful memories, and not all in Japan have welcomed this, Shinkai said. "I personally think a Japanese society which is able to accept this kind of a movie is a better society," Shinkai said. Additional reporting and writing by Thomas Escritt, editing by Emma-Victoria Farr and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

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.

Manchester United, INEOS, Tesla and Musk did not reply to requests for comment. "For potential buyers, football clubs like Manchester United are considered trophy assets driven by the perception of exclusivity. The size of that bid has fuelled speculation Manchester United will attract significantly more. Manchester United is the fourth richest soccer club in the world, according to analysis by Deloitte. A small portion of Manchester United shares is listed on the New York Stock Exchange.

☆ Billionaire Najafi set to launch $3.75bn takeover bid for Spurs - source
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Iranian-American billionaire Jahm Najafi, chair of MSP Sports Capital, is set to launch a $3.75 billion takeover bid for Premier League soccer club Tottenham Hotspur, a source familiar with the matter told Reuters on Wednesday. Najafi is also a minority shareholder in the National Basketball Association team Phoenix Suns. Tottenham, currently managed by Antonio Conte, have 39 points after 23 games in the league this season and sit two points outside the top four. Other Premier League clubs such as Manchester United and Liverpool are also seeking investment, with Qatari investors preparing to make a bid to buy United while Jim Ratcliffe's company INEOS formally entered the bidding process last month. Reporting by Emma-Victoria Farr and Manasi Pathak; Editing by Alison Williams and Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

The campaign increases the pressure on non-executive Chairman Norbert Winkeljohann, who has faced calls from large shareholders for the swift replacement of Chief Executive Werner Baumann, who engineered Bayer's troubled Monsanto takeover. The approaches come after Ubben's activist investment fund Inclusive Capital Partners said last month it had bought a 0.83% stake in Bayer. David Herro, deputy chairman of Harris Associates, told Reuters in brief emailed comments that Ubben had contacted him to discuss Bayer. A spokesperson said Bayer was always open to a constructive dialogue with shareholders and declined to comment further. Investors who have publicly called for a swift CEO change hold at least a combined 6.7% in Bayer, according to Refinitiv data.

[1/2] A trader works at the Frankfurt stock exchange in Frankfurt, Germany, February 22, 2022. REUTERS/Timm Reichert/File PhotoBERLIN/LONDON, Jan 27 (Reuters) - German web hosting firm IONOS is targeting a market capitalisation of up to 3.15 billion euros ($3.42 billion) in Europe's first major initial public offering (IPO) since sports car maker Porsche last September. Subject to regulatory approval of the IPO prospectus, the offer is expected to run from Jan. 30 to Feb. 7. IPO investors are typically offered a discount to a peer group in compensation for the risk of buying a new stock. Montabaur-based IONOS offers web hosting services and cloud applications to consumers and SMEs in countries including the United States, Germany, Britain, France, Spain and Poland.

☆ Perella Weinberg puts employee in insider trading probe on leave -sources
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Jan 27 (Reuters) - The advisory firm Perella Weinberg Partners (PWP.O) has placed an employee who is being investigated as part of an insider trading probe in Germany on leave, two people with knowledge of the matter told Reuters on Friday. On Thursday, German authorities said they were investigating five suspects, including one who was in custody, for allegedly profiting on upcoming M&A transactions between 2017 and 2021. Perella said in a statement: "The firm is assisting in an investigation by German law enforcement authorities. The firm is not the subject of the investigation, and there is no suggestion of wrongdoing on the part of the firm." The Perella employee is based in London, the two people said, speaking on condition of anonymity.

FRANKFURT, Jan 24 (Reuters) - Czech Republic-based private investment firm McWin said on Tuesday it had bought a majority stake in Germany's L'Osteria in a deal that values the Italian-themed restaurant chain at around 400 million euros ($434 million). The move is aimed at driving the chain's growth across Europe, with McWin investing alongside L'Osteria founders, Klaus Rader and Friedemann Findeis, and management. Founded in 1999, L'Osteria serves Italian food in 157 restaurants across eight European countries. The investment follows an auction process and has been made via McWin Restaurant Fund (MRF), which totals 525 million euros and was launched in August 2022. McWin's financial adviser was KPMG, while L'Osteria and its shareholders were advised by Ferber & Co and Deutsche Bank (DBKGn.DE).

☆ German finance minister warns against quick decoupling from China
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 22 (Reuters) - Germany must reduce its dependence on China gradually as decoupling from the Chinese market would costs jobs in Europe's biggest economy, Finance Minister Christian Lindner was quoted as saying on Sunday. "Decoupling our economy from the Chinese market would not be in the interest of jobs in Germany," Lindner was quoted as saying by the Welt am Sonntag newspaper. He said that gradually other world regions and markets would have to become more important for German business over the coming years and decades, Welt reported. "The political conditions must be improved for this," Lindner said. Reporting by Riham Alkousaa, editing by Emma-Victoria FarrOur Standards: The Thomson Reuters Trust Principles.

FRANKFURT, Jan 18 (Reuters) - Hellman & Friedman (H&F) is weighing options for its Italian cloud software maker TeamSystem, a business which could be valued at several billion euros, two people familiar with the matter told Reuters. Private equity investors are showing interest in TeamSystem, which may also attract sovereign wealth funds, they said. Hellman & Friedman acquired TeamSystem in 2016 and in 2021 moved the company from one of its funds to another. TeamSystem, which was founded in 1979, generated revenue of 545 million euros in 2021, while posting adjusted core earnings of around 235 million euros, according to company results on its website. While a decision on its valuation is still in flux, that could mean more than 6 billion euros including debt, the person said.

BERLIN/FRANKFURT, Jan 17 (Reuters) - United Internet (UTDI.DE) subsidiary Ionos said on Tuesday it would undertake a prime standard listing of its shares this quarter on the Frankfurt Stock Exchange, as the web hosting company readies for an initial public offering (IPO). The offered shares are expected to come from the holdings of the subsidiary's two existing shareholders, United Internet and Warburg Pincus, with United Internet to retain a majority stake after the IPO, Ionos said. United Internet shares were up 1.8% to 22.23 euros in early Frankfurt trading. The intention to float document did not provide details on the target issue price or the number of shares to be offered. A source familiar with the matter told Reuters last week that Ionos could achieve a valuation of 5 billion euros ($5.42 billion) in a stake sale.

☆ Volkswagen announces changes to Mexico, Canada supervisory boards
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowFRANKFURT, Jan 12 (Reuters) - German car company Volkswagen Group (VOWG_p.DE) announced on Thursday promotions in its North American operations, CFO and COO Arno Antlitz posted on LinkedIn. Volkswagen of America President and CEO Pablo Di Si will take on the role of chairman of the company's Mexican supervisory board, and Andrew Savvas, Chief Sales & Marketing Officer at Volkswagen of America, will become chairman of its Canadian supervisory board. Both appointments take effect immediately, in a region Antlitz describes as "a cornerstone of the group's strategy." Reporting by Emma-Victoria Farr, editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

The downside is that will increase carbon emissions and for the longer term, the firm is considering a switch to hydrogen, which is a much cleaner energy source provided it is produced using renewable power. "We want to be one of the first large companies in Bavaria to switch to hydrogen," Craig Barker, managing director of the 87-year-old firm, told Reuters. It also announced an action plan to support small and medium-sized companies as they switch to climate-neutral production, including expanding hydrogen infrastructure. More is required to accelerate investments in hydrogen, including a Hydrogen Act to cut bureaucracy and regulate the hydrogen ramp-up quickly, utility industry association BDEW said earlier this month. "2023 must provide new impetus for investments in renewable energies, hydrogen, hydrogen-capable gas-fired power plants and energy networks," BDEW president Kerstin Andreae said.

Last year, the industry handed out the biggest awards since 2006 as the economy roared back from the pandemic. It's a head-spinning reversal for dealmakers who racked up record profits for their firms last year and clinched eye-watering payouts for themselves. Compensation for FICC traders will probably rise slightly or stay flat, said Bell at Sheffield Haworth, while stock traders could see a small drop. Worsening economic conditions have already prompted firms including Morgan Stanley (MS.N) and Citigroup Inc (C.N), to trim their workforces. In the United Kingdom, most big firms are discussing and allocating bonuses now, with decisions not usually announced until early next year.

A spokesperson for Deutsche Bahn declined to comment. Schenker, which provides logistics for sea, land and air freight, recently accounted for more than a third of Deutsche Bahn's sales. "The cash flows generated as part of a sale remain entirely within the Deutsche Bahn Group," the proposal document continues. Tough financing conditions could also lead to a decision not to sell, particularly if Deutsche Bahn is not satisfied with price, two sources said. Private equity would struggle to finance such an amount unless Deutsche Bahn decided to part with a minority stake instead, this source added.

FRANKFURT, Dec 7 (Reuters) - Private equity firm Advent International has finalised negotiations to purchase Saudi Basic Industries Corporation's (2010.SE) (SABIC) polycarbonate sheets business, two sources familiar with the situation told Reuters. The transaction is an add-on acquisition for Advent's existing portfolio business Roehm, with which it plans to develop a multi-polymer business, one of the sources said. An official announcement regarding the sale of the SABIC business, known as 'functional forms', is expected later on Wednesday, the same source added. Polycarbonate sheets are transparent thermoplastics that absorb minimal moisture, making them resistant to impact damage as well as water damage, flames and chemicals. DSM sold its engineering materials for 3.85 billion euros to Advent and German chemicals company Lanxess, announced late in May.

FRANKFURT, Nov 28 (Reuters) - U.S. buyout firm Carlyle Group (CG.O) has raised more than three billion euros ($3.12 billion) for a pan-European technology fund that is taking advantage of "pockets of life" in the economy, the co-heads of Carlyle Europe Technology Partners told Reuters. Carlyle aims to invest in approximately 20-30 companies through the new fund and in most cases will buy a majority stake. It will, however, reserve about 15% of the fund for growth equity transactions, Wand and Lasocki said. The fund will write equity cheques of up to 250 million euros, resulting in deals from between 100 million euros and 500 million euros in enterprise value, they said. Targeting B2B technology businesses in Europe, Carlyle will support portfolio firms with plans to become more international, for example breaking into the U.S. market.

☆ Virgin Money reports jump in annual profit
▼ + stars: | 2022-11-21 | by ( Iain Withers | ) www.reuters.com time to read: +1 min

LONDON, Nov 21 (Reuters) - British lender Virgin Money (VMUK.L) reported a 43% increase in full-year profit on Monday, as Bank of England rate rises lifted its finances ahead of a likely prolonged economic downturn. Virgin Money reported pre-tax profit of 595 million pounds ($703 million) for the year to September, up from 417 million pounds the prior year. The country's sixth-largest lender was created through the merger of Virgin Money and rival CYBG in 2018, in a bid to challenge the market dominance of large incumbent high street banks including Lloyds and Barclays. Virgin Money set aside 52 million pounds to cover potential bad loans to reflect the deteriorating outlook, but said there were limited signs of credit concerns so far. "While we have solid credit quality across our lending, we are aware that some customers will have to make difficult decisions in this environment, and we are proactively offering them help and support," Virgin Money CEO David Duffy said.

FRANKFURT/HAMBURG, Nov 18 (Reuters) - German carmaker Volkswagen (VOWG_p.DE) is holding discussions with investors to join its battery division ahead of a possible partial initial public offering (IPO) of the subsidiary, two people familiar with the matter told Reuters. The idea is to bring in investors pre-IPO so Volkswagen can gauge how the division - named PowerCo - might be valued in a potential flotation, the sources said, adding that Volkswagen is working with advisers on a potential deal structure. Volkswagen has set aside 20 billion euros ($21 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. Former Volkswagen CEO Herbert Diess floated the idea of a listing in May last year as a means of funding the carmaker's battery expansion plans. Volkswagen's US charging station network Electrify America, in which Siemens (SIEGn.DE) has invested a low three-digit million amount, could serve as a model for investor participation, the second source said.

At the same time, the pan-European STOXX 600 (.STOXX) was down 0.4% and an index of European oil and gas stocks was down 0.9%. (.SXEP)The IPO, which priced at the bottom of the expected price range, gave an initial valuation of 2.45 billion pounds ($2.83 billion) for the company. The London stock exchange has suffered the worst year on record for UK IPOs as market volatility persists amid the energy crisis and worsening economic forecasts. So far in 2022, global utility and energy IPOs valued at more than $100 million saw an average 19.9% return after one day, compared with negative returns for European utility and energy IPOs and UK IPOs across all sectors, according to Dealogic data. The last oil and gas producer to float on the main London stock exchange was eastern Mediterranean-focused Energean (ENOG.L) in 2018.

The trip comes amid rising voices within Scholz's ruling coalition calling for a rethink of Germany's China policy, and growing public concern about Berlin's commercial reliance on the global economic powerhouse. One in two Germans wish that Germany's economy could be more independent from China, a survey published by ARD broadcaster showed on Thursday. China has been Germany's biggest trading partner for the past six years, with volumes reaching over 245 billion euros ($238.9 billion) in 2021. During the trip, where Scholz will meet Xi and prime minister Li Keqiang, the German Chancellor is expected to discuss Russia's war in Ukraine, hoping that China can convince Russia to end hostilities. But Xi expressed his concerns over Ukraine to Russian President Vladimir Putin when the two leaders met in September.

☆ Audi partners with Swiss Sauber for Formula One
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Sauber has been involved in Formula One since 1993 and currently competes with Ferrari engines, under the name of Alfa Romeo, a Stellantis brand. "Together we want to write the next chapter from 2026," Adam Baker, CEO of Audi Formula Racing said. Sauber Motorsport said in a statement that the team will continue to use Ferrari power units for the next three seasons until the rules change. "Audi is the best strategic partner for the Sauber Group," said Sauber Holding's board chairman Finn Rausing, the Swedish billionaire whose family owns packaging company Tetra Laval. Formula One's next generation of power units will have significantly more electrical power and use 100% sustainable fuels from 2026.

☆ Fresenius CEO signals realignment, confirms call with Elliott - FAZ newspaper
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Oct 25 (Reuters) - Newly appointed Fresenius CEO Michael Sen said that the company's debt-financed growth strategy cannot continue, in an interview in Frankfurter Allgemeine Zeitung's Wednesday edition. But this model is no longer viable," Sen said, laying out his realignment of the firm following his appointment on Oct. 1. Regarding Elliott Investment Management's stake in the company announced last week, Sen said: "We have already been in contact with Elliott." Fresenius management will include the opinion of investors regarding the future of the company in its considerations, he said, adding that no banks had been mandated for the sale of its hospital operator Helios. Reporting by Emma-Victoria Farr, editing byOur Standards: The Thomson Reuters Trust Principles.

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