Tom Kaeckenhoff News

Thyssenkrupp appealed against a decision by the Netherlands last month to award a contract worth billions of euros to build submarines to France's Naval Group, the German company said.Thyssenkrupp Marine Systems (TKMS), the German conglomerate's defence division, filed the objection with the District Court in The Hague in late March, the company said in an e-mailed statement."This measure is a professional business procedure in such publicly tendered major projects and part of the competition - especially in light of the questions that remain unanswered regarding specific evaluation criteria…

The German government is considering taking a minority stake in Thyssenkrupp's warship division Thyssenkrupp Marine Systems (TKMS), German Defence Minister Boris Pistorius said during a visit to Kiel on Tuesday.The consideration process would take until the end of the year, Pistorius said, according to a defense ministry spokesperson.Thyssenkrupp is looking for a standalone future for TKMS, which builds submarines and frigates, and has mentioned a listing, partial sale, merger or joint venture as possibilities to reach its goal.Last week, a leading worker representative told Reuters that Berli

Thyssenkrupp should explore a sale of its warship division to peers, in addition to private equity players and a potential stock market listing, according to influential German labor union IG Metall.Leaders should "keep an eye on industrial investors", IG Metall said in a union handout seen by Reuters, adding that while the union remained open for a full or partial sale of the business, options should also include keeping the division.Thyssenkrupp is currently exploring options for Thyssenkrupp Marine Systems (TKMS), which builds submarines and frigates, with scenarios ranging from a possible

Water levels on Germany's Rhine river are so low that some vessels cannot sail even when empty, a shipping cooperative said on Friday, although long-awaited rain has begun to ease bottlenecks on one of the country's main commercial routes.Weeks of drought across Europe and beyond have added to supply chain problems as vessels have had to lighten their loads to ensure they can travel along depleted water channels."Empty ships can no longer sail in some cases," Roberto Spranzi, director of the DTG shipping cooperative that operates about 100 cargo vessels on the Rhine…

German Chancellor Olaf Scholz said last week that Germany may consider halting the Nord Stream 2 pipeline if Russia attacks Ukraine, reflecting growing political pressure on the Gazprom-led project.Russia has massed troops on the Ukrainian border but denies it is planning an attack, while the United States and Europe have promised to impose sanctions on Moscow should it invade, with Nord Stream 2 one of the possible targets.Europe's most divisive energy project, Nord Stream 2 is designed to double the amount of gas flowing from Russia straight to Germany…

German conglomerate Thyssenkrupp is in talks about possibly merging its subsidiary ThyssenKrupp Marine Systems (TKMS) with a domestic rival to create a national champion.The Thyssenkrupp board member in charge of the marine systems unit, Oliver Burkhard, tweeted earlier that the company was in talks as an alliance could make sense in the current European market environment, with the creation of a national champion one possible outcome.The tweet followed a report by public sector…

A consortium formed by Germany’s Thyssenkrupp AG and Brazilian planemaker Embraer SA signed a deal on Thursday to deliver four frigates to Brazil’s navy between 2025 and 2028, the companies said in a statement.The contract signed in Rio de Janeiro is part of Brazil’s drive to modernize its navy so it can patrol off-shore resources in the Atlantic, such as Brazil’s vast pre-salt oil reserves.The companies did not disclose the price tag. The Brazilian navy website said the four-ship program will cost about $2 billion.Last year…

RWE, which will become the world's No.2 offshore wind player following a deal to break up its Innogy unit, could spend about 2.5 billion euros ($2.8 billion) a year to expand its renewables business, its chief executive said."We can fund about 1.5 billion euros from our own funds, we could assume some debt which would bring it to about 2.5 billion," Rolf Martin Schmitz said at an energy conference in Berlin on Tuesday.RWE, which last week said it had earmarked 1.5 billion euros per year to expand its renewables business, aims to add an annual 2-3 gigawatts of green energy capacity, Schmitz sai

German industrial group Thyssenkrupp has submitted an offer to the Australian government for a contract to build stealth submarines potentially worth tens of billions of euros, the company said on Monday. The contract to build up to 12 submarines, including decades of maintenance, could be worth $35 billion and has drawn interest from French shipping group DCNS as well as a Japanese consortium led by Mitsubishi Heavy Industries and Kawasaki Heavy Industries. Reporting by Tom Kaeckenhoff

Dutch engineering and construction firm Imtech is investigating allegations it operated a cartel to overcharge German energy company RWE for the building of a power plant in the Netherlands. The allegations, detailed in Dutch newspaper De Telegraaf and German newspaper Handelsblatt on Thursday, follow earlier allegations of accounting fraud at its German and Polish operations. The company put out a statement late on Tuesday in response to questions put to it by the two newspapers in which it mentioned "allegations of possible competition law violations" on "two projects in the energy sector" between 2008 and 2010 without going into further detail.

Germany's Economy Ministry is investigating whether to block the sale of RWE's oil and gas unit DEA to a group of investors led by Russian tycoon Mikhail Fridman, a spokeswoman said. The German government has never previously made use of a clause in its foreign trade law, under which it could stop the deal announced earlier this year if there were concrete signs it threatened "public safety and order". "An investigation has been started. It is an open-ended investigation (to find out) whether there are conditions for prohibiting the deal under the foreign trade accord," a spokeswoman for the Economy Ministry told Reuters. Spiegel magazine on Sunday reported the ministry had started to look into the deal following fresh information but did not give further details.