Circles: Abu Dhabi state oil company has interest in Covestro

LONDON/LEVERKUSEN - Abu Dhabi National Oil (Adnoc) apparently has its eye on plastics group Covestro. According to circles, initial talks have already taken place with Covestro representatives in Leverkusen, as the Bloomberg news agency reported on Tuesday. At the meeting, the state-owned company expressed its interest in the DAX-listed company, the sources said, citing informed persons. Covestro shares jumped after the news, most recently up nine percent.

ROUNDUP: Specialty chemicals group Lanxess cuts profit target

COLOGNE - At specialty chemicals group Lanxess, the current quarter is running weaker than expected. The Management Board is therefore lowering its profit target for the full year. The company said that demand, which was already generally very weak at the beginning of the year, and ongoing destocking by customers had continued in the second quarter. On the stock exchange, the news caused a shock among investors on Tuesday, with the MDax-listed share sliding in early trading to a low since the Borsen crash in March 2020. Most recently, the discount was still almost 15 percent.

AIR SHOW: MTU chief explains higher profit target with functioning supply chains

LE BOURGET - Munich-based engine manufacturer MTU justifies its improved profit outlook for 2023 with more stable supply chains. MTU CEO Lars Wagner said on Tuesday at the world's largest air show in Le Bourget near Paris that this had not been foreseeable after the figures for the first quarter. But after almost six months, he said, he was confident that MTU would be able to deliver everything as planned this year. The DAX-listed group had surprisingly raised its profit target on Monday. Operating profit adjusted for special items is now expected to reach more than 800 million euros, surpassing the previous record result of 757 million euros set in 2019.

ROUNDUP: Rocket Software gives up in takeover battle for Software AG

WALTHAM - Financial investor Bain Capital is backing down in the tug-of-war over a takeover of Software AG. Rocket Software, a portfolio company belonging to Bain, announced on the eve of the takeover that it intends to sell its shares in Software AG to Silver Lake, the previous competitor in the bidding war. To that end, the company had entered into an agreement to sell for 32 euros per share and transfer its 10.02 percent stake in Silver Lake's acquisition vehicle Mosel Bidco, Rocket Software said in Waltham. Software AG shares fell 1.9 percent to 31.66 euros on Tuesday, below Silver Lake's official takeover offer of 32 euros.

Renault targets significant cost cuts in Ampere electric division

BOULOGNE-BILLANCOURT - Automaker Renault has set its sights on significant cost reductions for its Ampere electric division, which is to be spun off. For example, costs on a per-vehicle basis are to be cut by 40 percent for the next generation of models starting in 2027, the French company announced Monday evening in Boulogne-Billancourt near Paris. This includes new battery technology, but also a 30 percent reduction in parts diversity. Some of the targeted cost reductions should also already come into play in the new Renault 5 models from 2024 and Renault 4 from 2025. Ampere is expected to be carved out of the Renault Group in the second half of the year and to reap 30 percent annual average sales growth through 2030.

Suse chief financial officer leaves

LUXEMBOURG - The chief financial officer of Linux specialist Suse, Andy Myers, is stepping down at the end of the month. Until a successor is found, Jonathan Atack will take over his duties July 1, the company announced Monday in Luxembourg. He has reported to Myers as vice president of finance and investor relations for the past two years, it said. The search for a chief financial officer is underway, it said. Suse had recently reported weaker-than-expected performance in its second fiscal quarter and lowered its full-year outlook in May./nas

Lilly expands immunology: $2.4 billion for biotech firm Dice

INDIANAPOLIS/SOUT SAN FRANCISCO - Eli Lilly and Company is strengthening its position in the autoimmune disease drug business with an acquisition. The U.S. pharmaceutical group plans to buy biopharmaceutical company Dice Therapeutics for about $2.4 billion (about 2.2 billion euros). Both sides had entered into a definitive agreement to that effect, the companies announced Tuesday. The respective supervisory boards had approved the transaction. Eli Lilly will pay $48 in cash per Dice share. This represents a premium of approximately 40 percent to the 30-day volume-weighted average price of Dice common stock as of June 16, 2023, the statement added.

AIR SHOW: Air Algérie orders Boeing medium-haul jets.

LE BOURGET - On the second day of the Paris Air Show, Boeing, the second-largest aircraft manufacturer, also reported its first orders. Air Algérie has ordered eight 737 Max 9 medium-haul jets, Boeing announced Tuesday at the world's largest air show in Le Bourget. The airline also signed a preliminary contract for two converted 737 freighters, it said. In addition, China Airlines committed to an order for eight long-range 787 "Dreamliner" jets. This order had already been in Boeing's order book before the show, only the buyer had not been known until now.

Lawsuit in USA dismissed: Sanofi does not have to compensate Boehringer Ingelheim

PARIS - In the compensation dispute with Boehringer Ingelheim over the headline-grabbing drug Zantac, French pharmaceutical company Sanofi can once again breathe a sigh of relief: the International Chamber of Commerce in the U.S. has rejected the German manufacturer's claim, Sanofi announced in Paris on Tuesday. Accordingly, the French are not obliged to compensate Boehringer Ingelheim for possible losses in connection with the ongoing litigation concerning Zantac in the USA. This decision is final and unappealable, it said. Sanofi shares were up nearly three percent in early trading in Paris.

Online giant Alibaba unexpectedly ousts longtime chief executive Zhang

HANGZHOU - After eight years at the top of the company, Alibaba chief Daniel Zhang is being replaced in a surprise move. The leadership of the Chinese e-commerce giant is to be taken over by Eddie Wu, who most recently headed the company's core Taobao and Tmall businesses, on Sept. 10, according to a group statement Tuesday. Also on that date, Zhang's place as head of the board of directors will be taken by Joseph Tsai, his previous deputy on the board - the manager is also considered a longtime confidant of Alibaba co-founder Jack Ma. Zhang will now continue to lead the cloud business, Alibaba announced in Hangzhou.

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More news

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-'FT': UBS faces fine of hundreds of millions of dollars over Archegos

-AIR SHOW: Philippine Airlines orders nine Airbus A350-1000s

-After 'exceptional year': Heckler & Koch gives cautious outlook for the year

-AIR SHOW: MTU and Safran forge alliance for European helicopter engine°

Customer note:

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

/stk