BASF plans way out of the crisis
In Ludwigshafen, the world's largest chemical plant, BASF has been struggling $BAS (-5,3%) has been struggling for years with high energy costs and a global oversupply of basic chemicals. Despite these challenges, the company is considering closing further plants. However, the Board of Executive Directors emphasizes that Ludwigshafen will remain the most important site in the long term. Markus Kamieth, the Group's CEO, announced additional cost-cutting measures and a comprehensive restructuring program in September in order to get the chemical giant back on track. The plan is to sell business units and prepare the agricultural business for a stock market listing by 2027. Strategic options for areas such as battery materials and automotive catalysts are also being considered. BASF recently announced the sale of its Brazilian architectural coatings business to the US paint group Sherwin-Williams for 1.15 billion dollars.
Polestar secures fresh money
The Swedish electric car manufacturer Polestar $VOLV A (-12,76%) is once again looking for fresh capital and has secured a credit facility of up to 450 million dollars. This new financing has a term of twelve months and is urgently needed as the company is still loss-making. Polestar has also postponed the publication of its quarterly figures and annual financial statements for 2024. The figures are now not due to be published until April 2024, having previously been scheduled for March. This uncertainty has caused the company's US-listed shares to initially fall by more than 2%. The situation remains tense as investors hope for positive news to boost confidence in the brand.
Allianz achieves record profit
Allianz $ALV (-0,44%) has achieved a record profit, exceeding expectations in a challenging environment of subdued economic growth and numerous natural disasters. Chief Financial Officer Claire-Marie Coste-Lepoutre reported an operating profit and net profit for the year that reached new highs. An operating profit of between 15 and 17 billion euros is targeted for the current year. Net profit after minority interests now amounts to 9.9 billion euros, which corresponds to an increase of 16 percent. All Allianz segments ended the year above the mid-point of the target corridor for operating profit, impressively demonstrating the resilience of the business model. Despite the challenges, Allianz has shown that it is well positioned and can shine even in turbulent times.
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