Wed, Apr. 15, 7:34 AM
- Molycorp (NYSE:MCP) is soaring 49.2% premarket after it was chosen by Siemens (OTCPK:SIEGY) to supply rare earth materials over the next 10 years for incorporation into the latter's high-efficiency wind turbine generators.
- MCP will supply the rare earth materials to Shin-Etsu Chemical (OTCPK:SHECY), which will produce the rare earth magnets Siemens intends to utilize in its turbines.
Thu, Mar. 19, 12:41 PM
- Siemens (OTCPK:SIEGY -5.4%) slumps after CEO Joe Kaeser tells investors that falling oil prices and operational difficulties are hurting profit and sales at the engineering company.
- Weakening demand for items such as gas turbines and oilfield equipment will lead to a “moderate organic revenue decline” in the company's FQ2, Kaeser says, adding that operational difficulties at the wind power and process industries units likely will weigh on the profitability of Siemens’ industrial business that quarter.
- Separately, a report from the German magazine Manager suggests the Siemens merger with Dresser-Rand (DRC -1.5%) could be in trouble.
Oct. 15, 2014, 2:22 PM
- Siemens (OTCPK:SIEGY -2.1%) says it is cutting more jobs in Germany, mainly in its energy division, but declines to confirm a report by German public radio that said ~1,200 jobs will be shed at several German energy locations.
- Siemens’ new energy chief Lisa Davis said earlier this month that she expects narrower profit margins in the power generation business to put pressure on the unit’s results over the next 2-3 years.
Sep. 19, 2014, 12:26 PM
- Renova, a holding company of Russian oligarch Victor Vekselberg, says it has bought a 4.99% stake in Dresser-Rand (DRC +10.2%), adding a twist to recent speculation on DRC's future.
- Renova also holds a 33.19% stake in Swiss pump maker Sulzer (OTC:SULZF), which said earlier this week it was in talks with the U.S. company about a potential deal.
- A new report says Siemens (OTCPK:SIEGY) is preparing a $6B-plus offer for DRC.
- Meanwhile, DRC is downgraded to Sell at Gabelli, which says shares have run up too far on the M&A talk; also, a potential antitrust review, while likely not an obstacle, could mean a deal close would be 6-9 months out.
Sep. 18, 2014, 9:12 AM
- Dresser-Rand (NYSE:DRC) +1.5% premarket after William Blair says the company could be valued at $80-$100/share in an M&A deal with limited downside.
- Blair cites an increasing likelihood of a merger transaction after Sulzer confirmed yesterday that it is in talks to acquire DRC; the firm keeps its Outperform rating on the stock while raising its price target to $82 from $70.
- Meanwhile, Gabelli continues to believe DRC has an asking price somewhere above $80 to be acquired by Siemens (OTCPK:SIEGY).
Aug. 7, 2014, 4:12 PM
- Dresser-Rand (DRC +8.6%) spiked into close following a Bloomberg report that it hired Morgan Stanley to prepare for possible takeover bids from companies including Siemens (OTCPK:SIEGY).
- While DRC isn’t actively pursuing a sale, the company is said to have retained Stanley after potential suitors expressed interest; the report says CEO Vincent Volpe Jr. may not even want a sale and is seeking defense advice from the banker.
- Siemens reportedly has been evaluating a bid for DRC since at least 2011; analysts also have mentioned GE, Cameron International (NYSE:CAM) and National Oilwell Varco (NYSE:NOV) as potential buyers in the past.
Jul. 17, 2014, 3:58 PM
- Dresser-Rand (DRC +12.5%) maintains strong gains following a report overnight that Siemens (OTCPK:SIEGY -1.9%) is preparing an offer to buy out the oilfield equipment maker and has opened up talks following its unsuccessful bid to buy Alstom’s energy assets earlier this year.
- Siemens has “huge” firepower to pursue deals toward expanding its energy assets, CEO Joe Kaeser had said after coming up short on Alstom.
- “Strategically it would be a good fit, it would fill some gaps in the portfolio and improve Siemens's position in North America,” Commerzbank analysts say.
- Shares have held up despite some notes of caution throughout the day; DRC s not viewed as a “motivated” seller now, a J.P. Morgan analyst says, and Raymond James believes a takeover is unlikely.
Jun. 20, 2014, 11:45 AM
- The Alstom (ALSMY) board will be convened no later than Monday to review and resolve the updated offer from GE as well as the newest proposal from Siemens (SIEGY) and Mitsubishi Heavy Industries (MHVYF).
- Press release
- Previously: Siemens, Mitsubishi update Alstom bid
- Previously: CNBC: GE revised proposal creates three joint ventures
May. 7, 2014, 9:15 AM
- Siemens (SI) +2.2% premarket after reporting what it calls a "mixed" FQ2 earnings performance, as net profit rose 11% Y/Y to €1.12B ($1.6B), citing its efficiency program and higher earnings from its infrastructure, health care and manufacturing equipment divisions.
- But new orders fell 13% to €18.43B vs. the year-ago period which was boosted by large wind turbine and train contracts.
- Revenues fell 1.9% because of unfavorable exchange rates and a lower volume of large orders.
- Reaffirms FY 2014 guidance for an EPS increase of at least 15% from €5.08 last year and revenues of at least at FY 2013 levels (€75.9B).
- Results "showed that we still have a lot to do to improve our operating performance," CEO Joe Kaeser says, and he's hoping the sweeping restructuring announced yesterday will do the job.
Dec. 23, 2013, 8:43 AM
- Broadwind Energy (BWEN) +7.7% premarket after announcing new tower orders from Siemens (SI); BWEN has recorded $389M in new tower orders YTD.
- "With this new order of more than 200 towers, the majority of orders for the MidAmerican Energy wind project are now in our backlog and we have clear visibility into the second half of 2015," CEO Peter Duprey says.
Dec. 17, 2013, 3:24 PM
- Broadwind Energy (BWEN +14.4%) is set to be a major beneficiary of Siemens $1B-plus power contract with MidAmerican Energy, supplying the towers for the 448 wind turbines that will equip five wind power projects in Iowa.
- The move by Warren Buffett’s utility company shows how a drop in equipment costs is making renewable energy more competitive with power from fossil fuels - a boost for suppliers including BWEN, Siemens (SI), GE and Vestas (VWDRY, VWSYF), and a threat to coal miners (KOL).
- MidAmerican expects to close some coal-powered plants in 2015 as the price of wind power (FAN) continues to slide, an exec says.
Dec. 16, 2013, 9:09 AM
- Siemens (SI) +2.9% premarket after agreeing to sell 448 wind turbines and provide service for several years to MidAmerican Energy, Berkshire Hathaway's (BRK.A, BRK.B) power business, in SI’s biggest-ever order for land-based wind equipment.
- Wind turbines typically cost ~$1M for each MW of capacity, making the deal worth more than $1B, the head of Siemens Energy’s wind power division says, without providing an exact price.
- MidAmerican will equip five wind power projects in Iowa with the wind turbines and provide energy for nearly 320K homes.
Jul. 25, 2013, 9:15 AM
Jul. 25, 2013, 8:26 AM
Jul. 8, 2013, 7:16 AMOsram shares are -2.3% on their trading debut in Frankfurt after Siemens (SI) spun off 80.5% of the lighting company. Stockholders received one Osram shares for every 10 they owned in Siemens, although holders of the latter's ADRs couldn't keep the Osram stock as depositary banks had to sell the new securities and give the proceeds to the owners. Siemens ADRs +3.8% premarket, possibly because of the effect of the spin-off. | Comment!
Jun. 14, 2013, 9:54 AMNokia (NOK +4.2%) rallies after the WSJ reports Siemens (SI -0.5%) is talking to P-E firms, including TPG, KKR, and Blackstone, to "gauge their interest" in buying its 50% stake in Nokia Siemens, and that Nokia itself is thinking of buying Siemens out (possibly with the help of Finnish sovereign wealth fund Solidium). Analysts have pegged the value of NSN, which has turned profitable following a huge restructuring, at above €7B ($9.4B) after factoring debt. Bloomberg reported in February Nokia and Siemens had "intensified talks" to end Siemens' involvement in NSN. | 33 Comments
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