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☆ Volkswagen tells brands to pause paid advertising on Twitter
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Volkswagen logo is seen on one of the German automaker's cars in a street in Sydney, Australia, October 8, 2015. REUTERS/David GrayHAMBURG, Nov 4 (Reuters) - Volkswagen (VOWG_p.DE) on Friday said it has recommended to its brands to pause paid advertising on Twitter until further notice in the wake of Elon Musk's takeover of the social media platform. "We are closely monitoring the situation and will decide about next steps depending on its evolvement," Europe's top carmaker said in a statement. The comments by Volkswagen group, which covers the VW, Seat, Cupra, Audi, Lamborghini, Bentley, Ducati and Porsche (P911_p.DE) brands, echoes similar remarks from other firms, including GM (GM.N) and General Mills Inc (GIS.N). Reporting by Jan Schwartz; Writing by Christoph SteitzOur Standards: The Thomson Reuters Trust Principles.

Eastern Canada, with its strong electricity-generating winds and short shipping distance, is a prime potential source for green hydrogen. Most hydrogen output uses natural gas or coal, called gray hydrogen, but companies want to produce green hydrogen without emissions by separating hydrogen from oxygen in water using wind-powered electrolyzers. Green hydrogen is typically more expensive, but soaring natural gas prices have elevated gray hydrogen production costs above those of green hydrogen, according to an October report. GERMANY-CANADA HYDROGEN PARTNERSHIPGermany and Canada signed a non-binding agreement in August to ship clean Canadian hydrogen to Germany by 2025. "We believe in green energy, but we don’t believe in destroying nature for a profit or supplying Germany," Rowe said.

[1/2] Logo of Uniper is pictured at the company's headquarters in Duesseldorf, Germany, September 21, 2022. REUTERS/Wolfgang RattayFRANKFURT/DUESSELDORF, Nov 3 (Reuters) - Soon-to-be-nationalised gas importer Uniper (UN01.DE) unveiled a record 40 billion euro ($39.3 billion) net loss, among the biggest in German corporate history, reflecting expected future losses in the wake of Russia's move to stop supplies. Uniper said the net loss factored in 10 billion euros of realised losses the company incurred by replacing Russian gas volumes on the spot market at much higher prices as well as 31 billion euros of future losses related to this problem. "We are also working intensively to restructure our gas portfolio in order to minimise risks and to end by 2024 the losses resulting from suspended Russian gas deliveries," Tuomela said. Among the group's top priorities remains the planned exit from the Russian market, where it owns a 83.7% stake in Unipro (UPRO.MM), it said.

The drop is not just because industrial companies are turning down thermostats, they are also shutting down plants that may never reopen. And while lower energy use helps Europe weather the crisis sparked by Russia's war in Ukraine and Moscow's supply cuts, executives, economists and industry groups warn its industrial base may end up severely weakened if high energy costs persist. Reuters GraphicsThe International Energy Agency estimates European industrial gas demand fell by 25% in the third quarter from a year earlier. "We are doing all we can to prevent a reduction in industrial activity," an European Commission spokesperson said in an email. "From Jan. 1, we will be able to switch to oil," company executive Wolfgang Ott said, as the company seeks government help to cushion energy costs.

Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

☆ EXCLUSIVE China's CATL slows battery investment plan for U.S., Mexico-sources
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +5 min

Executives from Volkswagen (VOWG_p.DE), BMW, and Hyundai (005380.KS) have urged U.S. legislators to give automakers operating in the United States more time to meet the required battery sourcing targets to qualify for tax incentives. CATL sees North America as a crucial market, the two people with knowledge of its planning said. But the new U.S. rules on sourcing battery materials had become a "banana peel" that have slowed the company's investment plans, one said. China, led by CATL, dominates the EV battery supply chain, producing about 70% of battery cells made globally. At the event to announce the investment, Zipse was critical of the new sourcing requirements, saying the "United States should have a regulation that is not entirely unrealistic."

FRANKFURT/LONDON, Oct 20 (Reuters) - Morgan Stanley's infrastructure investment arm is weighing a sale of a 40% stake in German wind and solar power project developer PNE AG (PNEGn.DE) after being approached by potential suitors, three people familiar with the matter said. PNE confirmed on Thursday that Morgan Stanley and Photon Management intend to enter into open-ended preliminary talks with potential interested parties regarding Photon's stake in PNE. Photon, which is controlled by Morgan Stanley, is PNE's largest shareholder. Morgan Stanley Infrastructure Partners (MSIP) acquired the PNE stake following a failed takeover attempt in 2020. Buying the whole stake would trigger a mandatory takeover bid for all of PNE under German stock market rules.

FRANKFURT, Oct 20 (Reuters) - German sporting goods maker Adidas (ADSGn.DE) on Thursday cut its full-year guidance, citing weaker expectations for China, lower demand in major Western markets and one-off expenses related to its exit from the Russian market. The new outlook reflects one-off costs of around 500 million euros ($490 million) on its net income in 2022, Adidas added, saying these expenses were largely due to the company's decision to initiate the wind-down of its Russian business. Adidas's third-quarter sales increased 11% to 6.4 billion euros, but its net income for the full year is expected to reach 500 million euros, compared with its previous estimate of 1.3 billion euros. Currency-neutral sales in Greater China declined by a double-digit percentage due to continuing COVID-related restrictions, as well as significant inventory takebacks, the company said. With measures in place to protect the company's profitability, Adidas expects to generate a positive profit contribution of around 200 million euros in 2023.

Morgan Stanley Infrastructure Partners (MSIP) acquired the PNE stake following a failed takeover attempt in 2020. PNE, which has a project pipeline of more than 9 gigawatt and a generation portfolio worth 261 megawatt, has a current market capitalisation of 1.4 billion euros ($1.38 billion), valuing Morgan Stanley's stake at 560 million euros. Buying the whole stake would trigger a mandatory takeover bid for all of PNE under German stock market rules. A potential sale of MSIP's participation would result in chunky profits given the investment bank bought in at 4.00 euros per share and saw PNE's value grow to 18.50 euros. News about the potential stake comes in the wake of major renewables deal in recent weeks, including RWE's RWEG.DE $6.8 billion purchase of Con Edison's ED.N cleantech unit and BP's BP.L $4.1 billion takeover of U.S. biogas producer Archaea LFG.N.

☆ Mercedes signs 1.5 bln eur deal with Rock Tech Lithium to push e-car drive
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 20 (Reuters) - Mercedes-Benz (MBGn.DE) has signed a supply agreement with Canadian-German Rock Tech Lithium Inc (RCK.V) to receive on average 10,000 tons of battery-grade lithium hydroxide per year, the German carmaker said on Thursday. The deal allows the luxury carmaker to supply its battery partners with raw material, starting in 2026, including a qualification period, in order to rapidly scale up production of fully electric vehicles, it said in a statement. Register now for FREE unlimited access to Reuters.com Register"This significant amount of lithium sourced directly from Rock Tech will help Mercedes Benz to advance localization of European production of state of the art battery cells," Mercedes-Benz management board member Markus Schaefer said. As part of the deal, Rock Tech Lithium plans to supply Mercedes-Benz battery partners from a converter based in Guben, Germany, helping the German luxury carmaker to go fully electric by the end of the decade where market conditions allow. ($1 = 1.0217 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Rachel More and Christoph Steitz; Editing by Maria SheahanOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: How will Germany implement its nuclear power extension?
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +5 min

The operators of the three remaining nuclear power plants are E.ON (Isar 2), RWE (RWEG.DE) (Emsland) and EnBW (EBKG.DE) (Neckarwestheim 2). HOW LONG CAN THE PLANTS RUN WITH EXISTING FUEL RODS? According to industry group Nuclear Technology Germany (KernD), it usually takes around one year until fresh fuel rods are delivered. CAN GERMANY EXTEND NUCLEAR POWER BEYOND APRIL 2023? Politically, extending the lifespan of nuclear power is a red line for the Greens party, which has ruled out buying new fuel rods for longer operation of the country's remaining nuclear power plants.

☆ Volkswagen to pay special dividend from Porsche IPO in early January
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Oct 14 (Reuters) - Volkswagen (VOWG_p.DE) on Friday said it would propose to pay a special dividend of 19.06 euros ($18.66) per share from the proceeds of the listing of Porsche AG (P911_p.DE). The proposal will be voted on at an extraordinary general meeting (EGM) scheduled for Dec. 16 and the special dividend is due on Jan. 9, 2023, according to the EGM invite published on Friday. Volkswagen previously flagged that it planned to pay out 49% of the proceeds from the initial public listing of Porsche AG in early 2023, without providing more granular details. ($1 = 1.0216 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Christoph Steitz, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Germany's EnBW says Sefe settlement cuts negative impact on profit
▼ + stars: | 2022-10-10 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

A general view of pipelines on the gas storage facility at the gas trading company VNG AG in Bad Lauchstaedt, Germany July 28, 2022. The negative earnings impact for 2022 will likely be below 1.3 billion euros ($1.3 billion), an upper limit mentioned in its second-quarter report, but above 545 million euros, EnBW said in a statement on Monday. EnBW's VNG (VNG.UL) relies on Sefe for 65 terawatt hours (TWh) of gas supplies, accounting for much of its gas procurement needs. As a result of this, Germany's largest gas importers - Uniper (UN01.DE), Sefe and VNG - have either been bailed out or requested state aid to stay afloat. More specific effects on EnBW's finances and cash flows depend on further talks with the German government, the utility added.

☆ Siemens Energy CEO eyes chairman role at Gamesa - Handelsblatt
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 10 (Reuters) - Siemens Energy Chief Executive Christian Bruch is planning to take on the role of chairman of the board of directors at Siemens Gamesa once the takeover of the Spanish wind turbine maker has been completed, Handelsblatt reported, citing company sources. A Siemens Energy (ENR1n.DE) spokesperson declined to comment. Siemens Energy in May announced plans to bid 4.05 billion euros ($3.93 billion) for the remaining third of Siemens Gamesa (SGREN.MC) it does not already own, hoping to get a better handle on ongoing problems at the wind turbine maker. Register now for FREE unlimited access to Reuters.com RegisterIt is not uncommon for CEOs to take on the position of chairman at majority-owned subsidiaries that are listed on the stock exchange. ($1 = 1.0309 euros)Register now for FREE unlimited access to Reuters.com RegisterWriting by Rachel More and Christoph Steitz, editing by Kirsti Knolle and Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Germany girds for gas supply pain, targets $93 billion price relief plan
▼ + stars: | 2022-10-09 | by ( Holger Hansen | ) www.reuters.com time to read: +4 min

Under a second stage of Germany's plan, the brake would cut the gas price to 12 cents from March through to the end of April 2024 on 80% of usage. For large industrial customers, a price brake of 7 cents is to apply to the procurement price from January 2023. Hans Juergen Kerkhoff, president of the German Steel Federation, said the scheme was a key building block to support companies during the energy crisis. Comparison portal Verivox said its calculations showed that the brake proposal would reduce household gas costs by around 41%. "The gas price brake is a very important first step that gives many companies back some confidence that they can overcome the crisis," VCI Managing Director Wolfgang Grosse Entrup said in a statement, calling for an electricity price brake as well.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 3% from the issue price of 82.50 euros at 1035 GMT. That lifted Porsche AG's valuation to 77.4 billion euros, close to the market capitalisation of Volkswagen as a whole, which is worth around 80.1 billion euros, and puts it ahead of rivals like Ferrari (RACE.MI). Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.6% and 8%, respectively, as investors switched across. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

☆ Factbox: The structure of the Porsche IPO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +3 min

- As part of the deal, Volkswagen sold 25% plus one ordinary share in Porsche AG to Porsche SE (PSHG_p.DE), the holding firm controlled by the Piech and Porsche families, effectively giving them a blocking minority in the namesake brand. WHO CONTROLS PORSCHE AG? - Volkswagen AG and Porsche SE jointly own all of Porsche AG's ordinary shares in a 75% minus one share-25% plus one share split. - Overall, 75% minus one ordinary share of Porsche AG's total share capital is owned by Volkswagen AG after the IPO. - Porsche SE now owns 12.5% plus one ordinary share of Porsche AG's total capital while Qatar owns 2.5%.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 2.5% from the issue price of 82.50 euros at 0854 GMT. Register now for FREE unlimited access to Reuters.com RegisterPorsche AG's solid start came despite broadly weaker stock markets as they braced for expected red-hot German inflation data. Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.3% and 6.7%, respectively. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

☆ The long, winding road to Volkswagen's Porsche IPO
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +5 min

October - Porsche SE says it holds stock and options that give it control of 74% of Volkswagen's votes and announces plans for a "domination" agreement. 2012July - Volkswagen agrees to buy the remaining 50.1% stake in Porsche AG from Porsche SE for about 4.5 billion euros. Porsche AG, the carmaker, is now fully owned by Volkswagen AG, while Porsche SE, which is controlled by the Porsche and Piech families, is Volkswagen's largest shareholder and holds a majority of voting rights. 2022February - Volkswagen and Porsche SE say they are examining a possible initial public offering of Porsche AG, under a proposed structure that would give Porsche SE a blocking minority in the eponymous carmaker. On Sept. 29, shares in Porsche AG start trading on the Frankfurt stock exchange at 84 euros apiece, above the issue price of 82.5 euros.

☆ Porsche shares to be issued at 82.50 eur/shr
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Sept 28 (Reuters) - Shares in Porsche AG will be issued at 82.50 euros per share, the top end of an initial range given earlier this month, parent Volkswagen said on Wednesday. Volkswagen had set the pricing range at 76.50-82.50 euros a share for Porsche AG's initial public offering, and bookmakers earlier this week suggested that the top end of the range will be met. read more read moreShares in Porsche AG will start trading on Frankfurt's stock exchange on Thursday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Christoph Steitz and Akriti Sharma; Editing by Ludwig Burger and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio, Spain, June 20, 2017. REUTERS/Vincent West/MADRID/FRANKFURT, Sept 27 (Reuters) - Siemens Gamesa is aiming to fix major issues with its flagship onshore wind turbine model over the next three months, its CEO said, warning that 10-15 loss-making projects related to the troubled equipment would continue to be a drag until 2024. "The biggest thing really for us is to stabilize the 5.X project," Siemens Gamesa (SGREN.MC) CEO Jochen Eickholt told Reuters. read moreCompetition from newer entrants, particularly Chinese firms, has also squeezed Siemens Gamesa, especially in markets including Brazil and India, Eickholt said. The deal is awaiting final approval from the market regulator in Madrid, where Siemens Gamesa was listed in 2017. read moreIn the meantime, Siemens Gamesa has engaged in tough discussions with customers to raise selling prices, with some success, Eickholt said.

☆ Factbox: How Germany's industrial giants are preparing for winter
▼ + stars: | 2022-09-27 | by ( Victoria Waldersee | ) www.reuters.com time to read: +7 min

Industrial giants, in particular gas-heavy industries like chemicals, have begun shifting production and sourcing from elsewhere. It is now sourcing some of its ammonia from outside of Europe, where prices are lower, a spokesperson said. read moreBMW (BMWG.DE)BMW consumes around 3,500 gigawatt hours (GWh) of energy annually in Germany and Austria, three-quarters of which comes from natural gas. Chief executive Dominik von Achten said the company was shifting production at plants to times when power prices were lower, such as weekends. LINDEThe world's largest industrial gas company said in July it produced gases which were critical from a medical or process safety perspective and so believed it would be prioritised for gas allocation from Germany' government.

The logo of the energy company Fortum headquarters a subsidiary of Uniper is pictured in Espoo, Finland July 22, 2022. Roni Rekomaa/Lehtikuva/via REUTERSRegister now for FREE unlimited access to Reuters.com RegisterCompanies Fortum Oyj FollowUniper SE FollowBERLIN/DUESSELDORF, Sept 20 (Reuters) - Germany is set to buy Fortum's (FORTUM.HE) stake in Uniper (UN01.DE) and inject a further 8 billion euros ($8 billion) as part of a nationalisation of the gas importer, Uniper said on Tuesday. The capital injection, which would come via a capital increase subscribed only by Germany's government, would bring the total package of loans and equity used to stabilise Uniper so far to at least 29 billion euros. Register now for FREE unlimited access to Reuters.com RegisterFortum, which owns a 78% stake in Uniper, said that the deal will include the "return of the financing Fortum granted to Uniper" which the Finnish group has put at 8 billion euros. ($1 = 1.0019 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Markus Wacket and Riham Alkousaa in Berlin, Tom Kaeckenhoff in Duesseldorf and Christoph Steitz in Frankfurt, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Germany to unveil Uniper nationalisation on Wednesday - source
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterThe Uniper logo is seen at the utility's firm headquarters in Duesseldorf, Germany, July 8, 2022. REUTERS/Wolfgang RattayCompanies Uniper SE FollowFortum Oyj FollowFRANKFURT, Sept 20 (Reuters) - Germany is expected to unveil key details of a full nationalisation of gas importer Uniper (UN01.DE) on Wednesday that is likely to include the exit of major shareholder Fortum (FORTUM.HE), a person familiar with the talks said. Fortum declined to comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Christoph Steitz and Essi Lehto, Editing by Miranda Murray and Sabine WollrabOur Standards: The Thomson Reuters Trust Principles.

☆ Germany reaches provisional agreement on Uniper nationalization - Bloomberg
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of German energy utility company Uniper SE is pictured in the company's headquarters in Duesseldorf, Germany, March 10, 2020. REUTERS/Thilo SchmuelgenCompanies Uniper SE FollowFortum Oyj FollowBERLIN, Sept 20 (Reuters) - Germany has reached a provisional agreement with Uniper (UN01.DE) and its Finnish parent, Fortum (FORTUM.HE), about nationalizing the ailing German gas importer, Bloomberg reported on Tuesday, citing sources familiar with the situation. The German government aims to make an announcement regarding the agreement this week although contracts have not yet been signed, according to the report. Register now for FREE unlimited access to Reuters.com RegisterFortum also did not comment on the report while Uniper was not immediately available for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tom Kaeckenhoff, Christoph Steitz, Riham Alkousaa, Writing by Miranda Murray, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

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