ROUNDUP/Circles: Adnoc improves Covestro offer - share price rises

NEW YORK - The state-owned oil company Abu Dhabi National Oil (Adnoc) wants to add to its informal offer for the chemicals group Covestro, according to sources. The company may propose a price of around 60 euros per share and a series of concessions in the coming days, the Bloomberg news agency reported on Monday evening, citing people familiar with the matter. An offer of 60 euros per share has been the subject of speculation for some time, but what is new are the rumored concessions of a job guarantee for several years and investments of around 8 billion US dollars. The Group wants to clear the way to officially examine Covestro's books as part of a so-called due diligence. Covestro shares rose as a result on Tuesday.

ROUNDUP: Lufthansa orders small Boeing jets again

FRANKFURT - For the first time in years, Lufthansa has again ordered short and medium-haul jets from the US manufacturer Boeing. In addition to 40 firm orders for 737-8 Max aircraft, the Group has secured the option for a further 60 American aircraft, the company announced on Tuesday. Lufthansa has been a major customer of the 737, the world's most-built jet, since 1968. However, it retired the last aircraft for the time being in 2016 and operated a pure Airbus fleet on shorter routes. According to Boeing, Lufthansa last received a new 737 in 1995, and aircraft from both manufacturers have always been used on long-haul routes.

ROUNDUP: Lufthansa must also thin out its offering in 2024 - share price drops

MUNICH/FRANKFURT - The Lufthansa Group will also have to thin out its original flight schedule next year. In an interview with the "Süddeutsche Zeitung" (Tuesday), CEO Carsten Spohr explained the step with bottlenecks in personnel and aircraft - also because many engines of the jets from Airbus' A320neo series have to be serviced prematurely due to a material defect. Lufthansa actually wanted to increase its flight capacity next year to 95 percent of the pre-crisis level of 2019. According to Spohr, this will not happen.

VW agrees savings package with works council

WOLFSBURG - After months of wrangling with the Works Council, Volkswagen has agreed on the key points of a multi-billion euro savings program. The personnel costs of the core brand Volkswagen are to be reduced by 20 percent in the administrative area, while redundancies for operational reasons are to be avoided, the company announced on Tuesday. Material and fixed costs are also to be reduced. The program is expected to improve earnings by four billion euros in the coming year.

ROUNDUP: Siemens reduces stake in Siemens Energy - transfer to pension fund

MUNICH - The technology group Siemens is further reducing its stake in Siemens Energy. A further eight percent will be transferred to its own pension fund, as Siemens announced on Monday evening. As a result, the stake in the energy technology company, which was spun off in 2020, will fall to 17.1 percent. Siemens Energy has been struggling with problems in the wind energy business for years, which recently led to losses running into the billions and also weighed on the former parent company Siemens.

Bayer suffers defeat in PCB lawsuit in the USA - shares stable

SEATTLE - Bayer has suffered a severe defeat in the USA in the legal dispute over the alleged health effects of the chemical PCB, which has been banned for decades. A jury in King County Superior Court in Washington State awarded former students and parents of a school in the Seattle area damages of 857 million US dollars (785 million euros).

Activist investor Cevian joins UBS

ZURICH - The activist investor Cevian has acquired a stake in the major Swiss bank UBS. The investment company from Sweden acquired a 1.3 percent stake worth 1.2 billion euros. Cevian sees significant potential for value appreciation following the takeover of Credit Suisse by its domestic rival, according to a statement issued on Tuesday. Cevian co-founder Lars Forberg said in the press release that the board of directors and management team were doing an excellent job in integrating Credit Suisse.

Google to pay 700 million dollars in app store settlement

SAN FRANCISCO - Google is prepared to pay 700 million dollars and make changes to its Android app store in the USA to settle a lawsuit filed by dozens of states. That's according to a settlement reached in September, details of which were released Tuesday night. The states accused Google of taking too much money from users by imposing a mandatory levy of up to 30 percent on the purchase of apps and digital content. Although the app providers pay the fee, they usually pass the costs on to the buyers.

Apple stops selling new watch models in the USA

CUPERTINO - Apple will suspend sales of the new models of its computer watch in the USA after losing a patent case. The Apple Watch Series 9 and Apple Watch Ultra 2 will no longer be sold on the company's American website from December 21 and will not be sold in US stores after December 24. Apple announced on Monday that this was a precautionary measure in view of a review period that expires in a week.

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Further news

-Steel industry expects production to fall by 4 percent

-ROUNDUP: Billion-euro claim for steel industry in Saarland approved

-Germany buys more Norwegian gas

-Federal Network Agency discontinues dumping price proceedings against the postal service

-Hamborner Reit devalues portfolio - Forecast for net asset value lowered

-Schott Pharma earns more in the financial year thanks to lucrative products

-Car manufacturer Hyundai is about to sell its production in Russia

-Greens want to restrict subcontractor structures in the parcel industry

-After Forder-Aus: VW takes over e-car bonus itself for the time being

-Tesla, Nio and MG temporarily take over purchase bonus for e-cars

-ROUNDUP: Dispute over 'confectionery cartel': manufacturers must pay fines

-Alliance hedges windstorm risks in Europe with catastrophe bond

-Lauterbach: Care competence law in the first half of the year

-EU and USA extend deal on dispute over steel and aluminum tariffs

-ECB supervisor warns banks to be cautious despite increased profits

-Bahn begins bidding process for logistics subsidiary Schenker

-Signa-Holding: Talks about sale of Chrysler Building

-Berlin buys district heating network from Vattenfall

-Zeiss passes the ten billion mark in sales for the first time

-Aluminum casting specialist HAL-Guss files for insolvency

-Litigation about dismissal: Private car charged at company socket

-Weaker business in the gastronomy sector - below pre-corona level

-Verdict expected in trial over fatal shooting at Mercedes plant

-EU agreement: Cars should produce fewer pollutants

-BVB against RB: duel for ticket to Club World Cup

-Another blockade at the Polish-Ukrainian border crossing at Dorohusk

-Ministry wanted to make the construction of electricity storage systems attractive to municipalities

-Environmental aid takes legal action against the use of chlorine at the Wilhelmshaven LNG terminal

-Budget package: Özdemir wants to ease the burden on farmers

-Locomotive drivers' union counts ballot on longer strikes

-Consumption of sparkling wine has fallen sharply since 2012

-Switzerland: Construction backlog at Deutsche Bahn means crisis mode 2024 and 2025°

Customer tip:

ROUNDUP: You can read a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.

/jha