
Deutsche Bank Hits Pause on Oil Restrictions, Citing Legal Risks
Deutsche Bank AG won't move ahead with a plan to add restrictions on financing oil and gas, as it assesses the legal risks of doing so, according to its chief executive.
'The legal environment has changed, and we are currently analysing this in detail in order to minimise potential risks for the bank,' CEO Christian Sewing told shareholders at Deutsche Bank's annual general meeting on Thursday.

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2 hours ago
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BioNTech takes over CureVac in $1.25 billion all-stock deal among COVID rivals
By Ludwig Burger (Reuters) -German biotech firm BioNTech has agreed to acquire domestic peer CureVac for about $1.25 billion worth of BioNTech shares, it said on Thursday, to boost its work on new mRNA-based cancer treatments. Under the deal, which pairs two former rivals in the race to develop COVID-19 vaccines, CureVac shareholders stand to receive a premium of 55% over the three-month average share price, and leave them with a stake of about 4%-6% in BioNTech, the suitor said. CureVac's Frankfurt-listed shares surged 27% to a five-month high, valuing the company at 1.04 billion euros ($1.2 billion), while BioNTech shares were down 2% by 1237 GMT. The deal further underscores BioNTech's long-term pursuit of new cancer treatments as it aims to show that its success as Pfizer's COVID-19 vaccine partner, which left its balance sheet flush with billions of euros in cash, was not a fluke. "With the acquisition, BioNTech aims to strengthen the research, development, manufacturing, and commercialization of investigational mRNA-based cancer immunotherapy," it said. CureVac opted to focus on oncology about a year ago when it agreed to sell its remaining influenza and COVID-19 vaccine development to alliance partner GSK. It had previously cut jobs as it sought to move beyond its failure to develop an mRNA-based COVID vaccine during the pandemic. GERMAN BIOTECH CHAMPION The agreement is also set to end CureVac's years-long legal fight over alleged mRNA patent infringement by BioNTech and for a share of vaccine revenues, where CureVac has made little progress. CureVac shares were worth as much as 120 euros in December 2020 on hopes it would develop a COVID vaccine, more than double their initial public offer value in August of that year. They are now trading at 4.65 euros. BioNTech won a major shot in the arm for its cancer drug activities last week when Bristol Myers Squibb agreed to pay up to $11.1 billion to jointly develop a next-generation cancer immunotherapy that could take on rival Merck & Co's best-selling drug Keytruda. Each CureVac share will be exchanged for about $5.46 in BioNTech American depositary shares, or ADS, but subject to a so-called collar mechanism, BioNTech said. If the 10-day volume-weighted average price of BioNTech ADS shortly before the closing of the offer exceeds $126.55, the exchange ratio would be 0.04318, and if the price is lower than $84.37, the exchange ratio would be 0.06476. BioNTech said the deal was supported by SAP SE co-founder and football investor Dietmar Hopp, who holds a stake of about 37% in CureVac. The German government, owner of about 13% in CureVac for its financial backing during the pandemic, said it welcomed in principle the creation of a "new German biotech champion", and that it would review the offer. ($1 = 0.8624 euros) (Additional reporting by Christian Kraemer; Editing by Friederike Heine, Jan Harvey and Emelia Sithole-Matarise)
Yahoo
5 hours ago
- Yahoo
Sané signs contract with Turkey's Galatasaray, to play CWC for Bayern
German football player Leroy Sane arrives at the airport in Istanbul and is greeted by fans. Murat Akbas/dpa Germany winger Leroy Sané has signed a three-year contract with Turkish side Galatasaray, the club confirmed on Thursday. The forward is set to travel to the Club World Cup with Bayern Munich before his contract runs out on June 30, Sky reported. Advertisement The former Manchester City player, who has earned 70 caps for his national side, wrote a farewell message to Bayern fans ahead of his signing. "After 5 intense years here in Munich, I've decided to start a new chapter in the upcoming season," Sané wrote on X. "I'm incredibly proud to have worn the jersey of the best and biggest club in Germany for over 200 matches and will always cherish the titles we've won together." The player was warmly welcomed by hundreds of Galatasaray fans in Istanbul, where he is set to earn a guaranteed €9 million ($10.4 million) per year net before bonuses. Advertisement Wearing a Galatasaray scarf around his neck, the 29-year-old spoke briefly about his expected transfer after arriving at the airport. "There are many top-class players in the team. When we played against Galatasaray with Bayern two years ago, we struggled enormously," said Sané. "Of course I want to become champions here again and cause a surprise or two in the Champions League." Amid cheers from awaiting fans, Sané added: "It's already loud here, so I can't wait to have my first game at home in front of the fans." Sané joined Bayern from City in 2020 on a €50 million ($57.1 million) transfer. Advertisement The German international has been one of Bayern's top earners and reportedly refused a significant pay cut during tough negotiations to extend his contract. "Thank you to the club, the coaching staff, everyone behind the scenes, my teammates, and especially you, the fans, for the time we've shared and the memories we've made," he said in his X message. However, his final game for the club may still lie ahead, as Bayern face three group games and a potential round of 16 clash in the US-based Club World Cup before his contract runs out.

Associated Press
9 hours ago
- Associated Press
Orion Acquires Assets in Louisiana
CARSON CITY, NV / ACCESS Newswire / June 12, 2025 / Orion Diversified Holding Co Inc. (OTC PINK:OODH)('Orion'), a revenue generating diversified company, announced today that it has closed on a royalty and non-operated working interest in Louisiana. LOUISIANA TOM LULL COMMENTS 'This recent acquisition should add significant revenue and continues to expand our footprint in great producing oil and gas regions. This is our first entry into the Louisiana oil and gas Haynesville Shale field. Louisiana ranks third in the nation for natural gas production and this property fits into Orion's strategic growth strategy. " Commented Tom Lull, CEO of Orion. The demand for natural gas is increasing with AI data centers and LNG exports. Orion owns properties and mineral interest from the Bakken Shale of North Dakota to the Haynesville Shale of Louisiana. Orion now owns 53,320 mineral acres in the Bakken, Permian Basin, Piceance Basin, Arkoma Basin, Eagle Ford, Haynesville Shale, and Scoop Stack of Oklahoma. ' ABOUT ORION DIVERSIFIED HOLDING CO INC. Orion Diversified Holding Co Inc. is a holding company with a primary strategy of investing in operated majority working interest, non-operated working interest, royalty, and mineral interests in producing oil & gas properties, with a core area of focus in the premier basins within the United States. Orion receives monthly income from 53,320 mineral acres and receives income from Chevron, Conoco Phillips, Apache, Occidental Petroleum, EOG Resources, Mewbourne Oil, Merit Energy, Hilcorp Oil, Kraken Oil, DCP, Raybaw Operating, Unit Corp, Hanna Oil, Cambrian Resources, Utah Gas Corp and many others. More information about Orion Diversified Holding Co Inc. can be found at CONTACT: Orion Diversified Holding Co Inc. Thomas Lull, President [email protected] Phone: 760-889-3435 [email protected] SAFE HARBOR STATEMENT This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets, and the demand for products. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements. SOURCE: Orion Diversified Holding Co Inc. press release