The new Siemens boss does not want to split the group into many parts
FRANKFURT – The future Siemens CEO Roland Busch does not want to let the stock exchange drive him to further spin-offs. “If I only listened to the capital market, I could break the company down into 20 parts. Then the investors would have maximized their stakes – only there would be nothing left from Siemens,” said Busch of the “Frankfurter Allgemeine Sonntagszeitung”. Busch has been responsible for the business since October 1, but will not formally move to the top of the Group’s Board of Management until February 2021.
ROUNDUP: VW truck holding Traton takes over on the US truck market
MNCHEN – VW-Lkw-Holding (Volkswagen (VW) vz) TRATON is getting a move on when it enters the US market with a billion-dollar acquisition. After two struggles, Volkswagen reached an agreement with the US truck and bus manufacturer Navistar on the price that was recently so controversial – the door to the important North American commercial vehicle market is now wide open. Price for the urge to expand: Traton has to shell out around 3.7 billion US dollars (3.2 billion euros) for the shares in the US group that the Munich-based company does not yet own.
Steel group Salzgitter gets new CEO
SALZGITTER – The steel manufacturer Salzgitter will have a new CEO next summer. On Saturday the Supervisory Board appointed Gunnar Groebler to succeed Heinz Jrg Fuhrmann, who is retiring. Groebler, previously head of the Wind division at Vattenfall, will follow Fuhrmann on July 1, 2021, announced Salzgitter AG (Salzgitter).
Moody’s downgrades UK credit rating – outlook stable
PARIS – The US rating agency Moody’s has lowered the creditworthiness of Great Britain by one notch in the face of Brexit and the Corona crisis. Moody’s now rates the long-term debt of the United Kingdom with the grade “Aa3” (previously “Aa2”), as the rating agency announced on Friday evening in Paris. The main reasons are the declining economic strength since the agency checked the credit rating for a downgrade from August 2017 – among other things, the prospects had worsened as a result of Brexit and the inability to conclude a trade agreement with the EU. The Covid 19 pandemic is also likely to leave its mark.
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ROUNDUP: You are reading a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.