DJ PRESS REVIEW/Company

The business-relevant topics from the media, compiled by Dow Jones Newswires.

RAILWAY/TARIFF DISPUTE – In the wage dispute between the GDL locomotive driver’s union and Deutsche Bahn, Minister of Transport Volker Wissing (FDP) hopes for a Christmas season without strikes. „Christmas is considered a time of peace – all wage negotiators should think about that,“ said Wissing to the Funke Mediengruppe newspapers. Especially at Christmas, people want to visit their relatives and friends. Therefore, he can only „appeal to all wage negotiators to be aware of their special responsibility and to design possible measures in such a way that people do not have to suffer from them.“ (Funke Mediengruppe)

BIRKENSTOCK – Shoe and sandal manufacturer Birkenstock aims to expand primarily in Asia after its IPO. „We want to grow territorially, especially in China, India, and the Middle East,“ said CEO Oliver Reichert. There, they also want to benefit from the expertise of major shareholder Bernard Arnault, owner of the luxury goods group LVMH, who knows these markets particularly well. Reichert cited annual sales growth of 15 to 18 percent, a gross margin of 60 percent, and an EBITDA margin of at least 30 percent as the company’s financial objectives. „These are values that we have consistently achieved on average for the last ten years,“ explained Reichert. Birkenstock went public in New York in October. (Handelsblatt)

VOLKSWAGEN – Germany’s largest carmaker Volkswagen has announced initial measures for possible staff reductions as part of its cost-cutting program. As confirmed by brand manager Thomas Schäfer in a VW internal podcast with HR director Gunnar Kilian, personnel costs at Volkswagen AG in the so-called indirect area are to be reduced by a fifth by 2026. Kilian stressed that it was about costs, not heads. However, the measures are likely to include job cuts. The company is currently in discussions with the works council on this matter. (Handelsblatt)

VOLKSWAGEN – Negotiations within the Volkswagen Group for the performance program for the VW core brand could extend into next year. According to the Handelsblatt, citing three company insiders, all measures for 2024 are already in place, but plans for subsequent years have not been finalized. „We will not be at 100 percent by the end of the year,“ it was said. It is about doing things „right and not fast.“ (Handelsblatt)

BMW – German automaker BMW faces allegations regarding a key supplier. According to research by NDR, WDR and Süddeutsche Zeitung, there is a suspicion that the Moroccan raw materials company Managem is releasing large quantities of toxic arsenic into the environment at the mine in Bou Azzer. In addition, current and former workers at the Moroccan cobalt mine claim that Managem fails to adhere to international standards for protecting workers and suppresses critical labor unions. BMW has announced that it will investigate the allegations. (SZ)

BOOKING.COM – The Italian tax authorities and the online travel portal Booking.com have settled a years-long dispute over the payment of over 150 million euros in value-added tax. The dispute revolved around rentals between 2013 and 2019. The Italian state accused the company of evading a total of 153 million euros in hundreds of thousands of rentals. Booking.com, based in the Netherlands, has agreed to pay 94 million euros, as announced by the public prosecutor’s office in Genoa over the weekend. This is intended to settle the matter. Booking.com is a major brand on the internet for the rental of hotel rooms and private apartments. (Handelsblatt)

EDEKA/KELLOGG – Kellogg has not been supplying products to Germany’s largest food retailer, Edeka, for four months. The reason for the supply stoppage is that the Edeka Group, which also includes Netto, does not want to accept all price increases for US-based Kellogg’s brand products such as cornflakes or Pringles. The retailer is now demanding around 10 million euros in damages for lost business and customers. If Kellogg continues the supply boycott, Edeka is already threatening claims of up to 34 million euros. (Handelsblatt)

PRIVATE BANK METZLER – Gerhard Wiesheu took over as CEO of the Frankfurt private bank Metzler in the summer. The new CEO is now presenting his strategy to streamline the bank, founded in 1674. This includes the reduction of jobs. Metzler expects „a reduction of around 10 percent of positions by 2028,“ as stated in a press release on Friday. The job cuts are intended to be socially responsible. (Handelsblatt)

TELE COLUMBUS – Germany’s second-largest cable network operator, Tele Columbus, has relieved itself of its major financial worries thanks to an injection of capital from its owners. An infrastructure fund managed by Morgan Stanley and United Internet are injecting an additional 200 million euros into the company, known mainly for its „Pyur“ brand. In return, the lenders are looking to extend a 462 million euro loan and a 650 million euro bond until 2028. Talks with representatives of the principal creditors are well advanced, Tele Columbus announced in Berlin on Saturday. A company representative called it a „breakthrough.“ The loan conditions were not initially disclosed. (Handelsblatt)

– All information without guarantee.

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(END) Dow Jones Newswires

November 13, 2023 01:23 ET (06:23 GMT)

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