Migros losing trademark dispute
Cracking the Vault: Your daily roundup on all things finance
Cracking the Vault is your daily news roundup with a focus on Switzerland, Germany and Austria.
UBS holding onto coal financing; Bayer winning Roundup trial; Deutsche Bank cutting investment banking bonus; Hugo Boss CEO extending contract; Migros losing trademark dispute; and Signa Prime nearing first sale since bankruptcy.
Let’s jump in!
Headline recap
UBS ditches Credit Suisse plan to phase out coal financing (BBG)
Bayer wins third straight Roundup trial after many setbacks (BBG)
Deutsche Bank cuts investment bank bonuses more than 10% (BBG)
Hugo Boss CEO's contract extended ahead of schedule (MM)
UEFA launches carbon footprint calculator for clubs (REU)
Migros loses trademark dispute against US giant Target (HZ)
After arson attack - German Tesla production halted until end of next week (HB)
Insurtech Wefox co-founder Teicke handing over CEO position (FN)
Signa Prime nears Munich deal in first sale since insolvency (BBG)
Germany's IfW Kiel economic institute cuts 2024 GDP forecast (REU)
Earnings
DHL owner Deutsche Post extends buyback despite expecting limited earnings growth (WSJ)
Upcoming:
Today: Merck, Continental, Brenntag, Lufthansa, Hugo Boss
Transaction update
M&A
KKR in talks to buy German renewable energy producer Encavis for over €2bn (BBG)
Advent, Carlyle said to eye bids for German clinic chain Sanecum (BBG)
Deutsche Bahn eyes deal to sell Schenker by year-end (REU), DHL not interested (WiWo)
Mutares exits stake in Nordic temperature-controlled logistics provider Frigoscandia to Dachser (PEH)
Tango, a provider of cloud-based real estate and facilities management software, acquired Swiss proptech startup Locatee (ST)
IPO
Galderma eyes $2.3bn IPO on SIX Swiss Exchange, expanding dermatology reach (BNN)
Fundraising & VC
Razor Group, a Berlin-based e-commerce company, raised an undisclosed amount in Series D funding, led by Presight Capital (FIS)
German direct air capture startup Greenlyte raised €10.5m to remove CO2 from the atmosphere from Earlybird Venture Capital, Green Generation Fund, Carbon Removal Partners and Partech (EUS)
Cultivated Biosciences secured $5m seed funding from a strategic group of Swiss and international investors (ST)
Nanotechnology company Chiral, incorporating nanomaterials into electronics to transform future chipmaking, closed a $3.8m pre-seed funding round, led by Founderful and HCVC (ST)
Podcast picks
UBS CEO: Surprise comeback, Credit Suisse, and winning (In Good Company with Nicolai Tangen)