ROUNDUP: Rheinmetall expects even more business thanks to armaments boom - share price record

DÜSSELDORF/UNTERLÜSS - In view of the war in Europe and rising defense budgets in Western countries, the armaments group Rheinmetall is aiming for even stronger growth in the coming years. Sales are now expected to increase by an average of around a fifth each year until 2026, as announced by the Düsseldorf-based DAX-listed company on Tuesday at an investor event in Unterlüß. CEO Armin Papperger also wants to increase profitability. This drove the share price up by around five percent to a new record high. It is gradually approaching the 300 euro mark.

ROUNDUP: Morphosys plans 2024 application for cancer drug - but share price plummets after data

PLANEGG - The drug researcher Morphosys has achieved a breakthrough with its promising drug pelabresib in clinical trials. In a pivotal trial, the Bavarians hit their most important target and now want to apply for approval in the USA and Europe in the middle of next year. However, analysts were concerned that the drug did not sufficiently improve the symptoms of the rare blood cancer myelofibrosis. Some experts doubt that approval will be granted. As a result, the share plummeted on the stock market on Tuesday, extending the losses of the past few days.

ROUNDUP: Financial investor Permira sells Teamviewer shares again

FRANKFURT - The financial investor Permira continues to cash in on the software provider Teamviewer. The placement of 13 million shares reduces its stake from just under 21 percent to around 14 percent, as the investment company announced on Monday evening. The shares were sold for 13.90 euros each, around seven percent below the Xetra closing price on Monday. The financial investor thus raised a further 180 million euros. The Teamviewer share came under pressure on Tuesday as a result of the placement.

ROUNDUP: European car market grows strongly - electric cars overtake diesel

BRUSSELS - Demand for cars in the European Union continues to rise. In October, 855,484 new cars were registered, 14.6 percent more than a year earlier, according to the manufacturers' association Acea in Brussels on Tuesday. Over the first ten months of the year, this represents an increase of 16.7 percent to almost 8.8 million cars. The strongest growth across the EU since the beginning of the year has been in registrations of purely electric cars. The market share of battery-powered electric cars was 14 percent in the months from January to October. In October, electric cars also overtook diesel cars for the first time over the course of the year, which have been struggling with declines for some time.

Siemens Energy wants to save millions in the wind power business

HAMBURG - The ailing energy technology group Siemens Energy wants to massively reduce costs in its loss-making wind power business through the planned restructuring in order to make it profitable again. The planned simplification of the structure at Siemens Gamesa is expected to save around 400 million euros by fiscal year 2025/26 (as of the end of September), the company announced at its Capital Markets Day in Hamburg on Tuesday. Last week, Group CEO Christian Bruch had already announced at the annual press conference that Siemens Gamesa should break even again this year - two years later than originally planned.

ROUNDUP: Deutsche Beteiligungs AG pays lower dividend than expected

FRANKFURT - Deutsche Beteiligungs AG intends to pay a lower dividend for the past financial year 2022/23 than expected by analysts. For the financial year that ended in September, the distribution per share is to be increased by 20 cents to one euro compared to the previous year, as the company surprisingly announced in Frankfurt on Monday evening. However, this is less than experts had previously expected. According to the company, the average estimate was 1.26 euros. The news led to price losses on the stock exchange.

Building materials group CRH raises profit target - billion-euro takeover in the USA

DUBLIN - The Irish building materials group CRH is becoming somewhat more confident for the year as a whole following price increases in its US business. Operating profit (EBITDA) is now expected to rise by just under 13 percent to around 6.3 billion US dollars (5.76 billion euros) in 2023, the company announced in Dublin on Tuesday. CRH had previously targeted 6.2 billion euros.

Leasing specialist Grenke plans share buyback program - approval required

BADEN-BADEN - The leasing specialist Grenke wants to buy back its own shares. However, the share buyback program is subject to the approval of the German Federal Financial Supervisory Authority (Bafin), the company announced in Baden-Baden on Tuesday. Grenke did not provide any information on the possible volume. Shareholders had already authorized the Management Board to purchase treasury shares at the 2020 Annual General Meeting, but in the same year the short seller Viceroy made serious allegations about the company's business practices.

British Airways parent IAG wants to pay a dividend again

LONDON - British Airways parent company IAG plans to pay a dividend again for the first time since the coronavirus pandemic thanks to rising demand for travel. The airline group will pay a dividend again as soon as the balance sheet and investment plans are secured, the company announced on Tuesday ahead of the Capital Markets Day. IAG shares fell by around 2.6 percent to 159.40 pence in midday trading in London. The shares have nevertheless still gained 29 percent this year.

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Further news

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-GDL boss Weselsky rules out strikes over Christmas

-ECB banking supervision sees growing danger of cyber attacks

-Gea loses major Belgian investor GBL - share price drops significantly

-Video conferencing service Zoom exceeds expectations

-Vivendi majority shareholder in media group Lagardère

-Twitter successor X sues critics after advertisers flee

-ROUNDUP: MSC takeover bid for Hamburg port logistics company HHLA expired

-Four federal states demand emergency aid program for hospitals from the federal government

-Future management trio at Intershop

-DER Touristik expects record summer on the German market

-ROUNDUP: Dispute over opportunities and risks of AI at digital summit in Jena

-EU Parliament: Produce more climate-neutral technologies in Europe

-ROUNDUP 2: BGH overturns cost clause in Riester contract

-Before Black Friday: Environmental aid demands abolition of the discount day

-End of Mein Real department store chain - Verdi criticizes owners

-McDonalds sets up charging stations at 700 restaurants in France

-Court confirms entitlement to compensation in the event of flight cancellation

-Court supports tenant: Apartment may be sublet in parts

-Repairing instead of throwing away: EU Parliament for 'right to repair'

-Gaza war causes concern in the jewelry and watch industry°

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.

/jha