Swisscom fined CHF18m in fibre 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.
A slow day for news - Continental fined for diesel-emissions scandal; Swisscom also fined over fibre cable dispute; and Germany discussing longer working hours and later retirement.
Let’s jump in!
Headline recap
Continental fined €100m for role in diesel-emissions scam (FM)
Swisscom lands CHF18m fine in fibre-optic cable dispute (SWI)
Germans debate longer hours and later retirement as economic growth falters (BBG)
Earnings
Trading helps lift Deutsche Bank to highest quarterly profit in 11 years (FT)
Deutsche Bank subsidiary DWS shares drop on profit miss even as assets jump to record (BBG)
New BASF CEO greeted with drop in Q1 earnings (MM)
Holcim positive on US demand after Q1 profit beat (REU)
Symrise beats Q1 sales expectations but lags peer (REU)
HelloFresh Q1 soothes some market worries about readymeal strategy (REU)
Delivery Hero ups revenue guidance on rising orders, ad revenue (REU)
Nestle sales growth slows sharply on consumer uncertainty (WSJ)
German utility EWE's operating profit up by more than half in 2023 (REU)
Andritz reports stable results for the first quarter of 2024 (EQS)
Forvia Hella increases sales and maintains profitability at prior-year level, company outlook confirmed (BI)
Upcoming:
Today: Porsche
Transaction update
M&A
Lufthansa slated to boost EU offer to save €325m ITA deal (BBG)
US FCC approves Deutsche Telekom subsidiary T-Mobile deal to buy budget provider Mint Mobile backed by Ryan Reynolds, for up to $1.35bn (REU)
Getir mulls sale of shopping platform n11 among options (REU)
Verium-backed Mobil in Time Group expands water damage restoration business with Bilfit (MAJ)
IPO
CVC ups deal size to €2.3bn, may price IPO at mid-point (BBG)
Venture capital
roclub, a Berlin-based company specializing in teleoperations in healthcare, raised €4m in seed funding, led by Speedinvest and FJ Labs (EUS)
Berlin start-up Goodcarbon successfully raised €5.25m, led by Ocean 14 Capital (BI)
Berlin-based Terra One raises $7.5m for decentralised battery storage, led by PT1, an early-stage VC for real asset technologies (TEU)
Bankruptcies
Adler creditors to take control as its fire sale fizzles (BBG)
Podcast picks
How Mark Shapiro and Endeavor Reinvented Sports Dealmaking (The Deal with Alex Rodriguez and Jason Kelly)
The Masters of Tech Due Diligence (What's up, Corporate Finance?)