ROUNDUP: Commerzbank promises to pay out billions to shareholders

FRANKFURT - Commerzbank is setting itself more ambitious targets for the next few years and wants its shareholders to participate more in the company's success. Among other things, management wants to raise the payout ratio. Analysts described the newly set profitability targets as ambitious. The news, which also resulted in an upgrade to "neutral" by Bank of America, was well received on the stock exchange: Commerzbank shares were recently up more than eight percent.

ROUNDUP/Now fixed: Financial investor Cinven wants to take over Synlab completely

MUNICH - The financial investor and major shareholder Cinven wants to take over Europe's largest laboratory services provider Synlab completely. It presented a concrete offer on Friday. Cinven is thus following up its expression of interest from March with action. The offer price of ten euros is in line with Synlab's expectations. Cinven and Synlab have already concluded an investment agreement in this context.

ROUNDUP: Nike makes progress with inventory reduction - US business restrained

BEAVERTON - Sporting goods maker Nike got off to a subdued start in its new fiscal year. Thus, a decline in the domestic market slowed down the development. However, the U.S. group made greater progress than expected in reducing excess inventories and the gross margin, which has attracted a lot of attention on the financial markets, was not as bad as expected. The stock therefore made a jump in after-hours U.S. trading on Thursday evening. This also boosted rivals Adidas and Puma, whose papers rose significantly on Friday morning.

'HB': Thyssenkrupp facing partial sale of steel division to billionaire Kretinsky

DÜSSELDORF - According to a press report, Czech billionaire Daniel Kretinsky could soon buy into the steel division of industrial group Thyssenkrupp. Representatives of the industrial group held in-depth talks with him, reported the "Handelsblatt" (Friday edition) with reference to several people familiar with the events. As things stand at present, Kretinsky is to receive a 50 percent stake in the division and thyssenkrupp AG is to retain an equal share.

ROUNDUP: Flatexdegiro has capital left after agreement with Bafin on credit risks

FRANKFURT - The online broker Flatexdegiro has reached an important agreement with the financial supervisory authority. This opens up scope for share buybacks or dividends. The German Federal Financial Supervisory Authority (Bafin) has approved the reapplication of so-called credit risk mitigation techniques (KRMT) for Degiro securities loans with immediate effect, the company announced in Frankfurt on Friday. As a result, risk-weighted assets, and thus the basis for calculating the capital ratio, fall by 450 million euros to around 900 million euros, Flatexdegiro now has around 100 million euros more capital than necessary. The news was well received on the stock exchange - the share price rose significantly.

ROUNDUP: UBS subsidiary Credit Suisse increases provisions for legal cases

ZURICH - Credit Suisse, which was acquired by UBS at the beginning of June, is setting aside more money for legal cases. In addition, the winding down of loan portfolios will cost the new parent billions more. Credit Suisse reported provisions for legal risks of 1.48 billion francs (1.53 billion euros) in its half-year report published Friday. At the end of August, when the second-quarter figures were published, the figure was just under 1.35 billion.

ROUNDUP: VW plans electric Golf from Wolfsburg - Trinity model to go to Zwickau

WOLFSBURG - Volkswagen plans to build a new electric Golf in Wolfsburg instead of the previously planned Trinity model. This was announced by the Group and the Works Council after a Supervisory Board meeting on Friday. Trinity vehicles are to be built in Zwickau instead, they said. VW did not yet give concrete dates. However, the basis for both models is the new SSP electric platform, which should be ready for use "at the end of the decade," it said. The previously planned construction of a second plant in Wolfsburg for the Trinity model has been canceled.

Digital discounter - Lidl parent restructures IT division

NECKARSULM - The parent company of Lidl and Kaufland is putting its digital and IT business on a new footing. The new division is called Schwarz Digits and bundles several of the group's digital brands. In the future, a total of around 7500 employees will work under the umbrella of Schwarz Digits, as the Schwarz Group announced in Neckarsulm on Friday.

Change of boss at automotive supplier Hella - Chief Financial Officer takes over

LIPPSTADT - There will be a change of leadership at the automotive supplier Hella. The Faurecia subsidiary announced on Friday in Lippstadt that the Chairman of the Board of Management Michel Favre will leave the company at the end of the year. The separation takes place thereby "amicably", it was said without further details. As of Jan. 1, 2024, current Chief Financial Officer Bernard Schäferbarthold is to take over the chief executive post. Until the successor is appointed, Schäferbarthold will be responsible for the finance department in addition to his new position, the MDax-listed company said.

Electricity grid operator 50Hertz awards billion-euro contract for thousands of kilometers of cable

BERLIN - The eastern German transmission system operator 50Hertz is investing 4.6 billion euros in additional submarine and land cables in the coming years, awarding the largest contract in the company's history. Specifically, it involves framework agreements for the production and installation of 3,500 kilometers of cables on land and in the North and Baltic Seas, with an option for 2,700 more kilometers. This was announced by the company on Friday. The contracts cover a total of seven projects and will go to Danish company NKT and Italian cable specialist Prysmian.

Munich and Frankfurt airports fall behind in hub comparison

MUNICH - Frankfurt and Munich airports have fallen behind in a comparison of international hubs. According to the latest data from the Official Airline Guide (OAG), Frankfurt slipped to sixth place in the ranking of airports with the most flight connections, down from second place in the pre-Corona year 2019. Munich dropped from fifth to 23rd place, which the German Air Transport Association (BDL) believes is due to high taxes, more favorable working conditions at competing hubs such as Istanbul or Dubai, and EU climate policy.


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