ZF and Bayer announcing layoffs
Cracking the Vault: Your daily roundup on all things finance
Cracking the Vault is your daily news roundup with a focus on Switzerland and Germany.
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EY potentially losing DAX mandate; Obwaldner Kantonalbank involved with Benko; Maersk Hapag-Lloyd shipping alliance; Givaudan antitrust investigation; VW overtaking Tesla in Germany; ZF and Bayer announcing layoffs; final bidders negotiating Bundesliga rights; and Los Angeles FC acquiring Grasshoppers.
Headline recap
EY could lose another DAX mandate with Munich Re (FM)
Benko confession in Central Switzerland - Obwaldner Kantonalbank owed CHF24.3m (Finews)
Maersk and Hapag-Lloyd form shipping alliance in industry reshuffle (WSJ)
Antitrust investigation against Givaudan extended (FuW)
Solar panel maker Meyer Burger could close German plant (Reuters)
VW overtakes Tesla in e-car registrations in Germany (WiWo)
Sweden's Northvolt commits to invest in EV battery plant in Germany (Reuters)
Geneva-based Banque Cramer bids a surprise farewell to the Russian capital (Finews)
Automotive supplier ZF planning to cut 12,000 jobs in Germany (HB)
Bayer Group announces a "significant reduction in personnel” (NZZ)
Swiss government websites attacked after Zelenskyy’s appearance at Davos (FT)
60-year-old laundering over CHF10m from cocaine trafficking and illegal gambling in his store in Zurich (NZZ)
Germans protest nationwide after far-right meeting on deportation plan (Reuters)
Bonus: Altman and Nadella talk AI at Davos WEF (WSJ)
Transaction update
Investor for Bundesliga broadcasting rights: Blackstone and CVC left (HB)
Los Angeles FC acquiring Zurich-based Grasshoppers (NZZ)
German auto supplier ZF Friedrichshafen could spin off airbag unit in IPO (Reuters)
Talks with investors on takover of Galeria Karstadt Kaufhof (WiWo)
Holcim to make 'at least' 15 to 20 acquisitions this year (Reuters)
Swiss platform Nomady merges with German My Cabin (HZ)
Fundraisings & Startups
€271m of cash - why Everphone is getting a loan (Gründerszene)
German Ineratec banks on e-fuels and raises €118m in Series B led by Piva Capital (TT)
Timeline, a Swiss biotech focused on longevity, raised $66m in oversubscribed Series D (ST)
Swiss virtual reality startup Nomoko insolvent (IP)
Podcast picks
An IPO drought pushes investors to a murky marketplace (FT - Behind the money)
The Rise of the Secondaries Market: From Backwater to Boomtown (Dry Powder: The Private Equity Podcast)