How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- USD weekly currency update-24 March 2017
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
Heidelberg CEO says mergers too risky for banks
German printing press maker Heidelberg's chief executive said banks would not support additional risks that any potential cooperation or merger would entail but declined to comment on talks with Man Roland.
Three sources familiar with the matter told Reuters on Monday that Man Roland, the world's No.2 printing press maker, called off merger talks with Heidelberg due to a surprise profit warning from the larger rival.
Asked to explain why talks broke down, Bernhard Schreiertold Frankfurter Allgemeine Zeitung in comments from an interview to be published on Wednesday: "Let me say it this way. I was very suprised about reports in the media."
He said he would not comment on speculation and added that the company had "pretty much reiterated that quarterly revenue would be 500 milion euros ($741.2 million) and that recovery would, in our view, still take a while."
Man Roland as well as Man Roland's majority owner Allianz and minority partner MAN none of whomever officially confirmed the talks have declined to comment.
Heidelberg said in a regulatory filing after the market close on Friday that preliminary results for its second quarter to the end of September showed no signs of the usual seasonal upswing from the typically weak first three months.
As a result, management forecast its operating loss for its 2009-2010 fiscal year could as much as triple on the previous year to 150 million euros.
"We have generated a positive free cash flow in the second quarter and will be clearly better positioned in the full year than in the previous year" Schreier said.
"I am confident we are seeing the bottom with 500 million euros in the quarter. Heidelberg Druck will once again make more than 3 billion euros in sales, once the economy picks up, "Schreier added.
Asked if job cuts announced in March and the size of planned cutbacks were sufficient, Schreier said that "if quarterly salesof 500 million euros were to continue, the measures would not be enough".
"But we are not counting on that."
Latest News & Stories
- Spain Insists U.K. Agree Brexit Bill Before Starting Trade Talks
- Spain's 2016 deficit expected to be below 4.6 pct target
- Spanish union welcomes Vodafone Spain, Telefonica fibre deal
- What a ‘no deal’ Brexit would mean for healthcare of British pensioners in Spain
- Spanish PM warns opposition lack of support could force new elections