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MIDDAY BRIEFING – Companies and Markets -2- | message

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USA in November brings with it uncertainties, especially since the relationship between China and the USA is already massively strained. In Sydney the music played in small caps. Piedmont Lithium jumped nearly 40 percent after entering into a five-year supply agreement with electric car maker Tesla.

+++++ CREDIT +++++

The risk premiums on Tuesday lunchtime have hardly changed. Investors are holding back before the first television duel between US President Donald Trump and his challenger Joe Biden. Biden is still clearly ahead in the polls, but that could change with the debates. Biden is known to be fooled around, it is said in the trade. Should the race narrow, this could very well lead to an increased shift to the bond market. Credits are also supported by large ECB purchases – last week the central bank bought corporate bonds for 2.7 billion euros after 1.9 billion euros previously.

+++++ COMPANY NOTIFICATIONS FROM 7.30 AM +++++

MAN terminates employment security contracts for corporate restructuring

The commercial vehicle manufacturer MAN Truck & Bus SE wants to comprehensively realign the company and has terminated employment security and location agreements. The company, which is part of the VW commercial vehicle division Traton, announced that this will be done on time at the end of September. For economic reasons, MAN feels compelled to do so for the locations in Germany and Austria and now wants to start talks with the employee representatives.

Swiss Post is investing more in the parcel business and increasing prices

In view of the growing number of commercial peket deliveries, the Post subsidiary DHL Paket is doubling its investments. In the coming year, more than 300 million euros and not 150 million euros as originally planned will be available for expanding the infrastructure and service for parcel recipients, according to a company announcement. The number of packing stations is to be increased from 5,600 to 7,000 by mid-2021. Private customers will be able to track their parcel delivery in real time.

Further corona tests are negative on the Tui cruise ship

The Covid-19 infection reported on Monday on a Tui Cruises cruise ship may be a false alarm. The unclear positive test results reported as part of routine tests with twelve crew members of Mein Schiff 6 have meanwhile been identified as negative by two further tests, the shipping company said. This was a so-called PCR test by Tui itself, as well as a rapid antigen test by the Greek authorities.

Manz and automotive supplier TE Connectivity agree on a follow-up order

The mechanical engineering group Manz has agreed a follow-up order in the lower double-digit million euro range with the automotive supplier TE Connectivity. TE had ordered a fully integrated production line for the automated assembly of cell contacting systems from Manz in 2018 and is now planning to expand the cooperation, Manz AG announced. The order is expected to be finalized in the fourth quarter and for the most part will affect sales and earnings in the 2021 financial year.

HHLA invests in the Adriatic port of Trieste

Hamburger Hafen und Logistik AG (HHLA) takes over the majority with 50.01 percent of the multifunctional terminal “Piattaforma Logistica Trieste” (PLT) in the Italian seaport of Trieste. The participation is contractually and organizationally assigned to HHLA International GmbH, as the port operator announced. HHLA sees the Adriatic as a high-growth market that offers good development opportunities thanks to its strategic location. After Odessa (Ukraine) and Tallinn (Estonia), this is HHLA’s third port holding outside of Hamburg.

EQS Group AG carries out stock split

EQS Group AG carries out the share split resolved by the general meeting. The shareholders are entitled to four new shares due to their previous shareholdings, as the company announced. The relevant share ownership will be determined on October 7, 2020 in the evening after the market closes. This does not change the respective percentage of a shareholder in the capital of EQS Group AG. The new shares will be tradable from October 6, 2020.

LVMH files counterclaim in dispute over merger with Tiffany

The French luxury goods company LVMH Mot Hennessy Louis Vuitton is now submitting a counterclaim in the dispute over the takeover of the US jeweler Tiffany and is trying to avert the agreed deal in this way. In the lawsuit, which was filed in the Delaware court on Monday, LVMH argues that Tiffany’s businesses were so badly damaged during the coronavirus pandemic that the original underwriting agreement is no longer valid. A few days ago, Tiffany sued LVMH.

Investor urges Engie to accept Veolia’s offer for Suez

In the dispute over Veolia’s entry into the waste disposal company Suez, Engie is now getting pressure from an investor. Amber Capital sends a letter to the French energy group to accept the offer. It is a good opportunity for both the group and the shareholders, argues the shareholder of Engie SA. Veolia CEO Antoine Frerot announced an improved offer after Engie rejected the first offer worth 2.91 billion euros for a 29.9 percent stake in Suez.

Mother of Fiat and Peugeot assigns board positions

The new parent company of the two car manufacturers Fiat Chrysler and Peugeot has made the personnel decision for the appointment of the board. Stellantis, the holding company for the merger of the automakers, will have a board of directors with eleven members, the company announced. The majority of the non-executive board members are said to be independent of the group. Fiat Chrysler nominated five members for the board of directors.

Wienerberger plans to increase EBITDA with 135 million euros by 2023

Wienerberger aims to increase its earnings (EBITDA) by around 135 million euros by 2023 with the help of strategic investments in innovation, digitization and sustainability, as well as improvements in the operating business. This medium-term plan does not include effects from possible market growth or the acquisition of other companies, the Austrian building materials manufacturer announced at the beginning of its capital market day.

Total takes over London’s largest charging station provider

The French lmulti Total buys London’s largest operator of charging points for e-cars. In a press release from the group it is said that this transaction will take over Source London, a company that has more than 1,600 charging stations and more than half of all available charging points in the British capital. The seller is the French conglomerate Bollor. The transfer of operations is expected to be completed by the end of the year. Total intends to operate more than 150,000 charging points for electric vehicles by 2025.

Unicredit appoints Mirko Bianchi as Head of Wealth Management & Private Banking

Unicredit SpA has appointed Co-CFO Mirko Bianchi as Head of Wealth Management & Private Banking in the group. The manager will take over responsibility from October 1, announced the Italian bank. Stefano Vecchi will be his deputy. The previous head of the division, Marco Bizzozero, is leaving Unicredit and switching to an American fintech.

Nokia is to equip British BT sites with 5G

The Finnish telecom supplier Nokia is to supply the British telecom group BT with accessories for the new 5G mobile communications standard. Nokia Corp announced that it will become the largest 5G supplier and service provider for BT Group plc in the UK. This contract will also expand the longstanding strategic partnership with BT.

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Contact the author: maerkte.de@dowjones.com

DJG / cln

(END) Dow Jones Newswires

September 29, 2020 7:09 AM ET (11:09 AM GMT)



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