Varta

Porsche
$P911 (+2,66%) receives authorization to acquire a majority stake in Varta's
$VAR1 (-5,22%) subsidiary V4Drive Battery which produces lithium-ion cells for electric cars, including the Porsche 911 Carrera GTS.

The Federal Cartel Office has no competition concerns about this takeover, and Porsche will not take control of Varta but will remain a minority shareholder. Varta has been facing financial challenges for some time and is aiming to sell the existing shareholders out of the company, supported by the German Corporate Stabilization and Restructuring Act (StaRUG). -Handelsblatt

Photo: Stefan Puchner

29.10.2024

Electric cars continue to bring Ford high losses + VARTA annual report further delayed + Ceconomy's day-to-day business slightly better than expected + SAP wants to significantly expand its partner network

Ford $F (+1,81%) continues to write deep red figures in the electric car business. In the last quarter, the division posted an operating loss of a good 1.2 billion dollars. In contrast, Ford posted earnings before interest and taxes of 1.6 billion dollars for cars with combustion engines and a further 1.8 billion dollars for commercial vehicles. CFO John Lawler pointed out on Monday after the close of the US stock exchange that Ford would reduce the costs of its electric car division by one billion dollars this year. And when developing new electric models, the company is making sure that expenditure is on a par with the cheapest competitors. It is a tough market in which costs play a decisive role, he said on CNBC. Ford shares fell by more than five percent in after-hours trading. The Group is now only expecting adjusted earnings before interest and taxes of ten billion dollars for this year - after a range of ten to twelve billion had previously been given.

The Varta $VAR1 (-5,22%) -annual report for 2023 continues to be delayed. The battery manufacturer, which is struggling to survive and is currently undergoing pre-insolvency restructuring proceedings, is now targeting the end of January 2025 as the publication date. The outstanding quarterly reports for 2024 are also to be presented then. This can be seen in the updated financial calendar on the Swabian company's investor relations website. A company spokesperson justifies the new delay with the financial restructuring in accordance with the German Corporate Stabilization and Restructuring Act (StaRUG). An auditor's certificate and thus a publication are only possible after the completion of this reorganization process. Varta had previously announced the publication for October 30. Information on the first quarter of 2024 should follow in November. (Börsen-Zeitung)

The MediaMarkt and Saturn parent company Ceconomy $CEC (+2,33%) earned slightly more than expected in the past financial year. Based on preliminary figures, earnings before interest and taxes (EBIT) adjusted for special effects were in the upper half of the range of 290 to 310 million euros, the company, which is listed in the second-tier stock index SDax, announced in Düsseldorf on Tuesday. Excluding exchange rate fluctuations and portfolio effects, turnover in the 2023/2024 financial year (as at the end of September) climbed by 5.3 percent to around 22.4 billion euros. On average, analysts had expected slightly less for both key figures. Group CEO Karsten Wildberger is entering the first quarter of the new year "with confidence". In the medium term, he also sees his company on course to achieve its growth targets for the 2025/2026 financial year. According to previous statements, Ceconomy aims to earn more than 500 million euros in day-to-day business (ber EBIT) by then and at the same time grow slightly faster than the market.

The software group SAP $SAP (-1,56%) wants to significantly expand its partner network. Business in the cloud brings with it a different sales approach and more new customers, "the only way to reach everyone is with partners," says the responsible "Chief Partner Officer" Karl Fahrbach to the FAZ. The business will also become more financially lucrative for partners. In a "revenue share model", they receive a larger share of the cake. Among other things, they would receive remuneration if customers extend their cloud contracts, and they could also share in revenues through innovations and industry-specific extensions to the largely standardized cloud software. (FAZ)

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

ASML Holding USD 1.66

Alcoa 0.10 USD

Levi Strauss & Registered (A) USD 0.13

Quarterly figures / company dates USA / Asia

11:45 Pfizer quarterly figures

12:00 EU: ECB, allotment of a 3-month long-term tender

12:00 McDonald's Corp, 3Q results

12:15 Paypal Holdings Inc, 3Q results

21:05 Alphabet | Visa | Mondelez | Stryker quarterly figures

21:15 AMD quarterly figures

Untimed: First Solar | JetBlue | Snap Inc | Stanley Black & Decker | Electronic Arts | Corning Quarterly Results

Quarterly figures / Company dates Europe

05:00 HSBC quarterly figures

07:00 Deutsche Lufthansa | Hellofresh | Novartis | OMV | Covestro | Banco Santander quarterly figures | Ceconomy annual sales

07:30 Adidas | Drägerwerk quarterly figures

08:00 BP quarterly figures

08:30 Hellofresh Earnings-Call | Covestro Interview with CEO

10:00 Deutsche Lufthansa Analyst Conference

11:30 OMV Analyst Conference

13:00 Drägerwerk Investor Conference

14:00 Covestro Analyst Conference

15:00 Adidas Analyst Conference

18:00 ASM International quarterly figures

18:05 Saint-Gobain Turnover 9M

Economic data

• 08:00 DE: GfK consumer climate indicator October FORECAST: -20.5 points previously: -21.2 points
• 15:00 US: Consumer Confidence Index October FORECAST: 99.2 previously: 98.7
• 15:00 US: Number of job openings, quits and layoffs (Jolts) September

10.10.2024

Ministry of Justice considers splitting up Google + Varta in rally mode due to contract with Porsche for lithium cells + Deutsche Telekom wants to pay out more money and buy back its own shares + Bayer very weak + Continental very firm

In August, an American federal court ruled that Google $GOOGL (+0,86%) used illegal methods to maintain its monopoly in the online search sector. The consequences of the decision are now under discussion. The US Federal Department of Justice is continuing to discuss a split-up.

https://www.computerbase.de/news/netzpolitik/kartellklage-in-den-usa-justizministerium-erwaegt-aufspaltung-von-google.89908/

The recovery rally that began the previous day at Varta $VAR1 (-5,22%) continued on Wednesday due to encouraging news. The share price had already risen by more than 29 percent on Tuesday and now there was a further jump of 79 percent on Wednesday. Most recently, the shares of the battery manufacturer, which had got into difficulties, cost 3.40 euros. Varta had announced the signing of a contract with the sports car manufacturer Porsche AG $P911 (+2,66%) regarding an investment in the field of large-format lithium-ion cells. According to a statement on Wednesday, the company agreed with its customer Porsche on a majority stake in the Varta subsidiary V4Drive Battery GmbH. A capital increase is to be carried out at the subsidiary in order to implement the investment. Varta had already announced on Monday that key agreements had been concluded with financiers and investors, marking a further milestone in its restructuring concept. Short-term bridge financing was also announced on Monday.

The Deutsche Telekom $DTE (+1,04%) intends to pay out a higher dividend to its shareholders for the current year than expected. The payout is to rise from 77 cents in the previous year to 90 cents per share, the DAX-listed company announced before an investor event in Bonn on Thursday. Analysts had expected slightly less on average. The dividend proposal still has to be confirmed at the Annual General Meeting. Deutsche Telekom also announced share buybacks of up to two billion euros for 2025. The Board of Management will then present its targets for the coming years on Thursday and Friday.

Bayer $BAYN (+0,37%) fell by 6.8 percent following a decision by the Supreme Court in the US state of Washington to reopen a lawsuit concerning the long-term health effects of the chemical PCB. Bayer had received a favorable decision in the lower court as recently as May, when an appeals court overturned a first-instance decision due to errors. Compensatory and punitive damages totaling USD 185 million, which three teachers at a school in the greater Seattle area had won before a jury in 2021, were awarded.

Continental $CON (+1,41%) on the other hand, gained 7.2 percent. The automotive supplier is likely to achieve the majority of the positive effects from outstanding price negotiations in the third quarter, as it told analysts. "The statements are being interpreted to mean that the third quarter went somewhat better than feared," said one market participant.

Thursday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

AT&T USD 0.28

Oracle 0.40 USD

Verizon Communications USD 0.68

Quarterly figures / company dates USA / Asia

Untimed: Tesla: Presentation of Tesla's Robotaxi announced

Quarterly figures / company dates Europe

07:00 Deutsche Telekom | Gerresheimer | Südzucker quarterly figures | Givaudan sales 9 months

07:30 About You result 1H

09:30 Mercedes-Benz sales figures 3Q | Deutsche Pfandbriefbank PK for Capital Markets Day

10:00 BMW sales figures 3Q

No time specified: Deutsche Telekom Capital Markets Day

Economic data

• 01:50 JP: Producer prices 9/24
• 08:00 DE: Retail sales August
• 13:30 EU: ECB, minutes of the September 11/12 Governing Council meeting
• 14:30 US: Initial Jobless Claims (week) FORECAST: 230,000 previous: 225,000 | Real Income September
• 14:30 US: Consumer Prices September PROGNOSE: +0.1% yoy/+2.3% yoy previous: +0.2% yoy/+2.5% yoy Core rate PROGNOSE: +0.2% yoy/+3.2% yoy previous: +0.3% yoy/+3.2% yoy

What do you think about the $VAR1 (-5,22%) shares? Varta is insolvent but the shares always bounce from time to time. I would like to read your opinions.

Investors of the battery manufacturer Varta
$VAR1 (-5,22%) are defending themselves against the threat of a total loss, as the company plans to sell them as part of a reorganization as part of a reorganization. Investor protectors, in particular the German protective association for Securities Ownership (DSW), are disappointed by the company's lack of transparency and are hoping for an amicable solution.

Should this not succeed, there is a threat of legal action, which could delay the process. The Management Board of Varta intends to hold an extraordinary
Annual General Meeting to explain the current situation. -Handelsblatt

"The stock market is like a theater: if everyone wants to go out at once, there will be a catastrophe."

- Edouard de Rothschild

$VAR1 (-5,22%)

19.09.2025

FED delivers as expected + Meta could face a heavy fine + Dispute over sale of DB Schenker + VARTA AG announces supplement to restructuring concept

Overall, the measure taken by the US Federal Reserve was in line with most expectations, as was the forecast that interest rates are likely to fall by a further 50 basis points this year. At the same time, Fed Chairman Jerome Powell largely succeeded in allaying concerns that the US economy could be in a worse state in view of the large step downwards in his accompanying statements. He said the economy is strong overall and the labor market has cooled from earlier overheating and reiterated that the Fed is fully focused on the goals of its dual mandate. As to why the Fed decided to cut more, he noted that it had waited longer than other central banks to cut rates and therefore still had room to maneuver. The rate cut signals the start of a 12 to 18-month easing cycle and shifts the focus from inflation to supporting the labor market, says Homin Lee, strategist at Lombard Odier.

The Facebook Group Meta $META (+0,12%) could face a heavy fine in the European Union for market abuse in the advertising business. The EU Commission is complaining that Meta is linking its free Marketplace offering to its social network in order to undermine the business of its competitors, according to sources in the Financial Times. The Commission's decision could be announced in October. It would be one of the last investigations by outgoing Competition Commissioner Margrethe Vestager. The Commission declined to comment, as did Meta. (Financial Times)

CVC
$CVC is letting DB Schenker is not letting up. The financial investor is not prepared to accept that Deutsche Bahn will sell its freight forwarding subsidiary to the Danish logistics group DSV for more than 14 billion euros, as currently agreed in a preliminary contract. DSV
$DSV (-1,65%) to the Danish logistics group DSV. In a letter dated September 17 to the investment bankers Tibor Kossa from Goldman Sachs and Jens Maurer from Morgan Stanley, who were commissioned by Deutsche Bahn to work on the billion-euro deal and which is available to Börsen-Zeitung, CVC Germany's CEO Alexander Dibelius signals that he is prepared to increase his 14 billion-euro offer for Schenker after it was defeated in the bidding process. (Börsen-Zeitung)

The VARTA AG $VAR1 (-5,22%)
announces that it has today reached an agreement with almost all syndicated lenders as well as a company controlled by the current indirect majority shareholder of VARTA AG ("MT InvestCo") and Dr. Ing. h.c. F. Porsche AG ("Porsche") on an amendment to the commercial agreement on a restructuring concept published on August 17, 2024. The amended restructuring concept essentially corresponds structurally to the restructuring concept of August 17, 2024 and additionally contains an improved offer to the promissory note loan creditors to participate in a consensual restructuring of VARTA AG within the framework of the notified restructuring project under application of the German Corporate Stabilization and Restructuring Act (StaRUG). Overall, the existing debt burden of € 485m is now to be reduced by around € 255m to a total of around € 230m as part of a haircut.

Thursday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Broadcom USD 0.53

Hewlett Packard Enterprise USD 0.13

Best Buy USD 0.94

Quarterly figures / company dates USA / Asia

22:00 Fedex quarterly figures

Quarterly figures / Company dates Europe

07:00 Wacker Chemie Capital Markets Day

08:00 Next half-year figures

10:00 Mister Spex Extraordinary General Meeting

Unspecified time: Juventus Football Club annual figures

Economic data

• 10:00 EU: ECB Balance of Payments July
• 10:00 NO: Norges Bank, outcome of the Monetary Policy Council meeting
• 13:00 UK: BoE, outcome and minutes of the Monetary Policy Council meeting Bank Rate PROGNOSE: 5.00% previous: 5.00%
• 13:00 TR: Turkish Central Bank, outcome of the council meeting
• 14:30 US: Initial Jobless Claims (week) FORECAST: 229,000 Previous: 230,000
• 14:30 US: Philadelphia Fed Index September FORECAST: -1.1 previously: -7.0
• 14:30 US: Current Account 2Q FORECAST: -260.00 bn USD 1st quarter: -237.65 bn USD
• 16:00 US: Leading Indicators Index August FORECAST: -0.3% yoy previous: -0.6% yoy
• 16:00 US: Existing Home Sales August PROGNOSE: -1.3% yoy previous: +1.3% yoy

02.09.2024

STOXX-50 under review + USA without stock market trading today + German elections in Thuringia and Saxony, without surprise + VARTA in negotiations with creditors + Is the FED lowering more than expected? Soon we will have more clarity

German Post $DHL (+0,14%) and BASF $BAS (+1,06%) about to leave the Stoxx-50 - Kering to leave the Euro-Stoxx-50 The weakness of the German economy is now also reflected in the indices: in addition to Reckitt Benckiser, Deutsche Post and BASF will probably also have to leave the Stoxx-50 with effect from September 23. The shares of the British stock exchange operator LSE and the bank shares Intesa Sanpaolo and BBVA are likely to move up. Kering will probably have to make way for Engie shares in the Euro Stoxx 50. However, VW's survival in its class was also not entirely assured shortly before the end of the counting period.

25 or 50 basis points - more clarity after the labor market report

As the reporting season for the first half of the year has come to an end, impetus can now be expected primarily from the macro side. The highlights in the coming week will be the Federal Reserve's economic report on Wednesday and the major US labor market report for August on Friday. Following this, there will be more clarity as to whether the US Federal Reserve will cut key interest rates by 25 or 50 basis points at its next meeting on September 18.

The Swabian battery manufacturer Varta $VAR1 (-5,22%) is still wrestling with some of its creditors over changes to its restructuring concept, according to insiders. Some of the promissory note creditors have demanded improvements in their favor, and the company has subsequently improved the concept twice, two people familiar with the negotiations told Reuters news agency on Friday. The ball is now in the creditors' court: they have until today to approve the proposal, said one of the insiders. Varta did not want to comment on this.

It ended August, which was weak in the meantime, with a plus of a good two percent. JPMorgan expert Greg Fuzesi considers the election results in the federal states of Thuringia and Saxony to be "difficult, but not dramatic". After all, it is close to the previous polls. The electoral success of the AfD in Thuringia and the second place in Saxony are a poor testimony to the federal traffic light system. The SPD, Greens and FDP's performance was correspondingly poor. However, according to Fuzesi, this is unlikely to have a direct impact on their federal policy. In addition, the AfD is likely to be excluded from forming a government because other parties are refusing to form coalitions

Monday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

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Quarterly figures / Company dates USA / Asia

/

Quarterly figures / Company dates Europe

No time specified:

- Heidelberg Materials, SdK Investor Forum

- Rheinmetall, Bank of America Virtual Industrials Back to School Conference, New York

Stock market holiday USA and Canada

Economic data

• 09:45 IT: Purchasing Managers' Index/PMI manufacturing August previous: 47,4
• 09:50 FR: Purchasing Managers' Index/PMI manufacturing (2nd release) August PROGNOSIS: 42.1 1st release: 42.1 previous: 44.0
• 09:55 DE: Purchasing Managers' Index/PMI Manufacturing (2nd release) August FORECAST: 42.1 1st release: 42.1 previous: 43.2
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (2nd release) August FORECAST: 45.6 1st release: 45.6 Previous: 45.8
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (2nd release) August 1st release: 52.5 previous: 52.1
• 15:45 US: Purchasing Managers' Index/PMI Manufacturing (2nd release) August PROGNOSIS: 48.1 1st release: 48.0 previous: 49.6
• 22:05 CH: Review of the composition of the Stoxx-50, Euro-Stoxx-50 and Stoxx-600

The reason for this post is the current debate about $SMCI 😄. But it has nothing to do with the debate. I would just like to know how you keep up to date with the shares/companies you hold.

Basically, there is not always a need for action, whether good or bad news. Nevertheless, it is important to keep an overview in order to be able to react in good time if necessary (as in the case mentioned above). $VAR1 (-5,22%) would be a similar case, for example.

So what tools do you use or can you recommend in order not to miss important news? Do you use the platforms' watch functions or Google Alerts on specific topics?