ROUNDUP: BASF CEO change in troubled times: Kamieth moves to the top

LUDWIGSHAFEN - BASF, the world's largest chemical company, is getting a new CEO: Markus Kamieth (53), head of Asia, will replace Martin Brudermüller, who has led the company for many years, after the Annual General Meeting of the Ludwigshafen-based DAX-listed company in April 2024. The 62-year-old's departure had already been clear for some time. Kamieth, together with the previous Head of Technology Melanie Maas-Brunner, was already considered the favorite for the position. However, Maas-Brunner will not extend her contract, which expires at the end of January 2024, as BASF announced on Wednesday. The share price stood still after the recent gains.

ROUNDUP: Südzucker wants to buy Cropenergies completely - share price jumps

MANNHEIM - Südzucker wants to take over its recently stumbling subsidiary Cropenergies completely and then delist it from the stock exchange. On Tuesday evening, the company announced a delisting tender offer for all shares it does not yet own. The offer price is expected to be 11.50 euros in cash per share. Cropenergies went public in 2006.

ROUNDUP: United Internet and 1&1 expect growth in 2024

MONTABAUR - The internet group United Internet and its mobile subsidiary 1&1 expect better business in the coming year. Sales and operating profit (EBITDA) are expected to rise in 2024, both companies surprisingly announced on Tuesday evening in Montabaur, Rhineland-Palatinate. CEO Ralph Dommermuth is more optimistic than industry experts with his forecasts. Previously, the web hosting subsidiary Ionos had already held out the prospect of growth. The news was well received on the stock market on Wednesday.

ROUNDUP/ProSiebenSat.1: High investments in programming weigh on earnings

UNTERFÖHRING - The media group ProSiebenSat.1 will show fewer series and films from the USA and will instead focus on locally produced content. This will require investments in the millions, which will weigh on earnings in the coming year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in 2024 are expected to be around the previous year's level, the company announced on Tuesday evening in Unterfohring. ProSiebenSat.1's decision to reduce the share of licensed content from the USA will also lead to a write-down in the millions. On the stock exchange, the news was met with a slide in the share price.

ROUNDUP: Aurubis with profit decline after million-dollar fraud - dividend falls

HAMBURG - The copper group Aurubis has to cope with a drop in profits for the past fiscal year following cases of theft and fraud. Investors are also feeling the effects of this, as the dividend is now to be reduced. Although profits are set to rise again in the new financial year 2023/24, which runs until the end of September, the Salzgitter steel group's stake is below the average analyst estimate at the middle of the target range. In addition, the Supervisory Board is threatening the Executive Board with consequences following the problems of recent 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 drive specialist Vitesco AG in the takeover process. This was announced by Schaeffler on Wednesday after the end of the offer period on December 15. Schaeffler CEO Klaus Rosenfeld said on Wednesday that expectations had thus been slightly exceeded.

Fedex disappoints with quarterly figures and lowered outlook

MEMPHIS - The logistics group Fedex has disappointed investors with its business development and statements on the coming year. In after-hours US trading on Tuesday, the shares fell by almost 8 percent. The announcement to buy back its own shares for a further billion dollars apparently failed to lift the mood on the stock market. Fedex shares slipped by almost ten percent on Wednesday. Competitors from Europe - including DHL - were also hit.


Further news

-ROUNDUP: Even higher air traffic tax does not make airlines happy

-Circles: German government launches reform of postal law

-Aurubis tightens security measures after theft and fraud

-Perfumery chain Douglas exceeds 4 billion euros in sales for the first time

-Weselsky: Deutsche Bahn must make concessions on core demands

-European car market loses some momentum - decline in Germany

-After Saudi entry: Spain wants to buy ten percent of Telefonica shares

-Association criticizes plans for higher ticket tax on passenger flights

-Now also Air France: EU court rejects corona aid authorization

-Numerous warning strikes in retail across Germany shortly before Christmas

-Stiebel Eltron suffers from slump in orders for heat pumps

-Commodity costs rose to record high in 2022

-Deutsche Bank takes longer to work through Postbank problems

-ROUNDUP/General practitioners: Practices 'on the ragged edge' - Lauterbach plans summit

-Bahn informs project partners about additional costs of Stuttgart 21

-Final spurt for e-car premium: Thousands of applications this weekend

-Electric kick scooter provider Bird in US insolvency proceedings

-Borussia Dortmund plunges into winter depression - Troubled days for Terzic

-Home improvement group Hornbach dampens expectations

-After a failed launch: Blue Origin flies into space again for the first time

-Poland's government dismisses leadership of public media

-EU tightens requirements for online sex platforms such as Pornhub

-ROUNDUP: Lack of snow also opens up new opportunities for winter tourism

-WTO: German apples not always better for the climate than imported apples°

Customer tip:

ROUNDUP: You can read a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.