Latest news with #DanielKretinsky
BreakingNews.ie
2 days ago
- Business
- BreakingNews.ie
Czech billionaire among expected bidders for Irish utility Energia, sources say
Daniel Kretinsky-backed Czech energy group EPH and Japanese trading house Itochu are expected to make preliminary bids for Irish utility Energia Group, according to two sources with knowledge of the situation. Other expected bidders include investors Ardian, Asterion and CPP Investments, the people said. Itochu is expected to form a consortium and CPP Investments may team up with Britain's Octopus Energy, which it is an investor in, one of the people said. Advertisement Kretinsky is also the co-owner and president of football club Sparta Prague, and director and major shareholder of English football club West Ham United. After being acquired by private equity firm I Squared for about $1 billion in 2016, a new sale could value Energia Group at more than €2 billion including debt, the sources and a third one said. Non-binding offers are due this week, the sources and a fourth one said. All four sources spoke on condition of anonymity because the matter is private. I Squared, CPP Investments, Itochu, EPH, Ardian, Asterion all declined to comment. Energia Group referred questions to I Squared and Octopus Energy did not reply immediately to a request for comment. Ireland Energy regulator proposes rules for data centres t... Read More Energia Group, which supplies approximately 17 per cent of Ireland's total electricity requirements, is the latest power company to draw investor interest following the acquisition of Electricity North West by Iberdrola last year. The company is an integrated utility with investments in renewables, power distribution, data centres and gas turbines. Energia Group recently secured permission to build a data centre in Dublin allowing its sale process to go ahead, three of the sources said. Reuters first reported last year that I Squared was exploring selling Energia.
Time of India
6 days ago
- Business
- Time of India
Struggling German steel giant Thyssenkrupp plans major overhaul
FRANKFURT: Thyssenkrupp said Monday it planned a major overhaul that will split the vast conglomerate into several standalone businesses, fuelling fears about further job losses and a looming break-up of the historic German industrial titan. Tired of too many ads? go ad free now Once a symbol of German manufacturing might, Thyssenkrupp has fallen into crisis in recent years as high costs at home, falling prices for its products and fierce competition from Asian rivals hammered its traditional steel business in particular. The conglomerate, which traces its history back to the early 19th century, had already announced massive job cuts at the steel division and was in the process of seeking to spin off some parts of the business. The plan announced Monday goes further however, and involves gradually making all segments of the group -- ranging from auto parts to green technologies -- into standalone businesses and opening them up for outside investment. The current Thyssenkrupp group would be transformed into a holding company with stakes in the individual businesses. Chief executive Miguel Lopez said the plan, to be presented to the supervisory board before the end of September, will help the group continue on its "chosen course". "The future independence of our current segments... will increase their entrepreneurial flexibility, strengthen their investment plans and earnings responsibility, and improve transparency for investors," he said in a statement. The move principally affects the group's automotive technology and green technology units as well as one that deals with supply chain management. The aim is for them to become independent businesses in the coming years, with Thyssenkrupp to retain a controlling stake. Tired of too many ads? go ad free now Efforts were already ongoing to spin off its lucrative submarine-making unit, and Czech billionaire Daniel Kretinsky has taken a 20-percent stake in the steel business, with the goal of increasing this to 50 percent. 'Dramatic situation' Investors cheered the news, with Thyssenkrupp's shares up more than eight percent in afternoon trading on the Frankfurt Stock Exchange. But there was anger at what some viewed as the looming demise of a well-known German manufacturing giant, which has almost 100,000 employees worldwide, as well as fears about more job cuts. "Germany's industrial icon faces being dismantled, thousands of jobs are at risk," said the tabloid newspaper Bild. It reported that the number of staff at the group's Essen headquarters would be slashed from 500 to 100. Thyssenkrupp declined to comment on the report. Politicians voiced anger at the potential impact in North Rhine-Westphalia state, where Germany's biggest steelmaker has major operations and is a big employer. Dennis Radtke, a European Parliament lawmaker from Chancellor Friedrich Merz's CDU party, warned of a "dramatic situation for the entire value chain in the steel industry" if the restructuring plan goes ahead. R adtke, originally from the region, told Stern magazine that swift action was needed to "avoid carnage that would make us even more dependent on China... the chancellor must make the issue a top priority". China has become a major competitor to traditional European steelmakers in recent years. A spokesman for the North Rhine-Westphalia state said it was "closely monitoring" the latest developments at Thyssenkrupp. The state government's "actions are focused on securing jobs at ThyssenKrupp... and throughout the steel industry and related value chains", he told AFP. Thyssenkrupp has reported massive annual losses for the past two years running. In November last year it announced plans to cut about 11,000 jobs at the steel division -- over a third of the workforce.
France 24
6 days ago
- Business
- France 24
Struggling German steel giant Thyssenkrupp plans major overhaul
Once a symbol of German manufacturing might, Thyssenkrupp has fallen into crisis in recent years as high costs at home, falling prices for its products and fierce competition from Asian rivals hammered its traditional steel business in particular. The conglomerate, which traces its history back to the early 19th century, had already announced massive job cuts at the steel division and was in the process of seeking to spin off some parts of the business. The plan announced Monday goes further however, and involves gradually making all segments of the group -- ranging from auto parts to green technologies -- into standalone businesses and opening them up for outside investment. The current Thyssenkrupp group would be transformed into a holding company with stakes in the individual businesses. Chief executive Miguel Lopez said the plan, to be presented to the supervisory board before the end of September, will help the group continue on its "chosen course". "The future independence of our current segments... will increase their entrepreneurial flexibility, strengthen their investment plans and earnings responsibility, and improve transparency for investors," he said in a statement. The move principally affects the group's automotive technology and green technology units as well as one that deals with supply chain management. The aim is for them to become independent businesses in the coming years, with Thyssenkrupp to retain a controlling stake. Efforts were already ongoing to spin off its lucrative submarine-making unit, and Czech billionaire Daniel Kretinsky has taken a 20-percent stake in the steel business, with the goal of increasing this to 50 percent. 'Dramatic situation' Investors cheered the news, with Thyssenkrupp's shares up more than eight percent in afternoon trading on the Frankfurt Stock Exchange. But there was anger at what some viewed as the looming demise of a well-known German manufacturing giant, which has almost 100,000 employees worldwide, as well as fears about more job cuts. "Germany's industrial icon faces being dismantled, thousands of jobs are at risk," said the tabloid newspaper Bild. It reported that the number of staff at the group's Essen headquarters would be slashed from 500 to 100. Thyssenkrupp declined to comment on the report. Politicians voiced anger at the potential impact in North Rhine-Westphalia state, where Germany's biggest steelmaker has major operations and is a big employer. Dennis Radtke, a European Parliament lawmaker from Chancellor Friedrich Merz's CDU party, warned of a "dramatic situation for the entire value chain in the steel industry" if the restructuring plan goes ahead. Radtke, originally from the region, told Stern magazine that swift action was needed to "avoid carnage that would make us even more dependent on China... the chancellor must make the issue a top priority". China has become a major competitor to traditional European steelmakers in recent years. A spokesman for the North Rhine-Westphalia state said it was "closely monitoring" the latest developments at Thyssenkrupp. The state government's "actions are focused on securing jobs at ThyssenKrupp... and throughout the steel industry and related value chains", he told AFP. Thyssenkrupp has reported massive annual losses for the past two years running. In November last year it announced plans to cut about 11,000 jobs at the steel division -- over a third of the workforce.
Int'l Business Times
6 days ago
- Business
- Int'l Business Times
Struggling German Steel Giant Thyssenkrupp Plans Major Overhaul
Thyssenkrupp said Monday it planned a major overhaul that will split the vast conglomerate into several standalone businesses, fuelling fears about further job losses and a looming break-up of the historic German industrial titan. Once a symbol of German manufacturing might, Thyssenkrupp has fallen into crisis in recent years as high costs at home, falling prices for its products and fierce competition from Asian rivals hammered its traditional steel business in particular. The conglomerate, which traces its history back to the early 19th century, had already announced massive job cuts at the steel division and was in the process of seeking to spin off some parts of the business. The plan announced Monday goes further however, and involves gradually making all segments of the group -- ranging from auto parts to green technologies -- into standalone businesses and opening them up for outside investment. The current Thyssenkrupp group would be transformed into a holding company with stakes in the individual businesses. Chief executive Miguel Lopez said the plan, to be presented to the supervisory board before the end of September, will help the group continue on its "chosen course". "The future independence of our current segments... will increase their entrepreneurial flexibility, strengthen their investment plans and earnings responsibility, and improve transparency for investors," he said in a statement. The move principally affects the group's automotive technology and green technology units as well as one that deals with supply chain management. The aim is for them to become independent businesses in the coming years, with Thyssenkrupp to retain a controlling stake. Efforts were already ongoing to spin off its lucrative submarine-making unit, and Czech billionaire Daniel Kretinsky has taken a 20-percent stake in the steel business, with the goal of increasing this to 50 percent. Investors cheered the news, with Thyssenkrupp's shares up more than eight percent in afternoon trading on the Frankfurt Stock Exchange. But there was anger at what some viewed as the looming demise of a well-known German manufacturing giant, which has almost 100,000 employees worldwide, as well as fears about more job cuts. "Germany's industrial icon faces being dismantled, thousands of jobs are at risk," said the tabloid newspaper Bild. It reported that the number of staff at the group's Essen headquarters would be slashed from 500 to 100. Thyssenkrupp declined to comment on the report. Politicians voiced anger at the potential impact in North Rhine-Westphalia state, where Germany's biggest steelmaker has major operations and is a big employer. Dennis Radtke, a European Parliament lawmaker from Chancellor Friedrich Merz's CDU party, warned of a "dramatic situation for the entire value chain in the steel industry" if the restructuring plan goes ahead. Radtke, originally from the region, told Stern magazine that swift action was needed to "avoid carnage that would make us even more dependent on China... the chancellor must make the issue a top priority". China has become a major competitor to traditional European steelmakers in recent years. A spokesman for the North Rhine-Westphalia state said it was "closely monitoring" the latest developments at Thyssenkrupp. The state government's "actions are focused on securing jobs at ThyssenKrupp... and throughout the steel industry and related value chains", he told AFP. Thyssenkrupp has reported massive annual losses for the past two years running. In November last year it announced plans to cut about 11,000 jobs at the steel division -- over a third of the workforce. Thyssenkrupp plans to separate its divisions into standalone companies AFP Thyssenkrupp CEO Miguel Lopez hopes the restructuring plan can bring new investment into the group AFP
Daily Mail
6 days ago
- Business
- Daily Mail
Royal Mail faces probe after revealing only 76.5% of its First Class post was delivered on time
Royal Mail is facing a probe from communications regulator Ofcom after it admitted failing to deliver nearly one in four First Class items on time. Britain's postal service said only 76.5 per cent of First Class letters and parcels arrived within one working day, including Saturdays, in the year to March 2025. The target for First Class post - the price of which has just risen five pence to £1.70 for a standard stamp, the sixth hike in three years - is 93 per cent. However, it failed to even meet this target after two working days, with 92.3 per cent arriving within that time frame. It also delivered 92.2 per cent of Second Class mail within the target of three working days after collection, short of the 98.5 per cent target. While its performance has improved year on year, bosses at Royal Mail - whose parent firm has just been sold to Czech billionaire Daniel Kretinsky for £3.6billion - admit it has not been good enough. And they are set to face questions from Ofcom over whether they are failing to meet the universal service obligation Royal Mail is required to deliver - meaning one-price-goes-anywhere post for the whole of the UK. The watchdog may impose a financial penalty if it finds the service is failing Brits - having just fined it £10.5million for failing to hit delivery targets last year, and £5.6million for failing to meet targets the year before. ' it clear that when customers are not receiving the level of service they should be, we expect Royal Mail to take appropriate steps to deliver significant and continuous improvement,' Ofcom said of the most recent fine. 'If we determine that Royal Mail has failed to comply with its obligations, we will consider whether to impose a financial penalty.' Royal Mail's chief operating officer Alistair Cochrane admitted the service being delivered was 'not yet where we want it to be,' adding: 'We will continue to work hard to deliver the standards our customers expect. 'We are actively modernising Royal Mail, and while these efforts are beginning to deliver results, we know there is still more to do.' Royal Mail is facing an identity crisis as the number of letters being delivered continues to fall every year amid rising costs - with people now using digital means of communication to send urgent messages. Twenty years ago, it said it was delivering 20 billion letters a year - equivalent to roughly two letters a day for every address in the UK, six days a week, all year round. That has now fallen to around 6.6billion as of 2023/24, or around four letters a week per address. The universal service obligation (USO) currently requires Royal Mail to deliver letters six days a week and parcels five days a week. However, this is under review as Royal Mail has argued that the USO is no longer fit for purpose. It wants to cut Second Class deliveries to three times a week, delivered Monday, Wednesdays and Fridays. It is attempting to refocus on parcel delivery - but faces stiff competition in the hyper-competitive parcel delivery market from competitors like Evri, Yodel and DPD. Royal Mail has offered some conciliations as part of its proposal to Ofcom, including adding tracking to all parcels delivered First and Second Class as standard. The regulator is expected to publish its conclusions on the proposal this summer, but has said it is minded to allow Second Class to be cut back as proposed based on research it has conducted with Brits. It has also proposed cutting the First Class target from 93 per cent to 90 percent delivered within one day, and Second Class from 98.5 per cent to 95 percent within three days. Ofcom estaimes the changes would save Royal Mail between £250m and £425m each year. Responding to the figures, Tom MacInnes, director of policy at Citizens Advice, said Brits had been 'short-changed' by Royal Mail for more than half a decade, amid rising stamp prices and declining standards. 'Royal Mail's quality of service targets should be there to protect customers, but the company is still getting away with hiking stamp prices while failing to deliver post on time,' he said. 'Our research has shown the damaging consequences of late post, like missed health appointments, fines, bills and vital government communications. 'But with no alternative provider to choose from, people are forced to grapple with poor service, year-on-year. 'With Ofcom considering relaxing the current delivery targets set for Royal Mail as part of the universal service obligation review, reliability remains a huge concern. 'The regulator must get off the sidelines and make the company do what it should've been doing all along – giving paying customers the service they deserve.' Labour ministers approved the sale of International Distribution Services (IDS) - the Royal Mail's parent company - to Daniel Kretinsky's EP Group for £3.6billion last year, taking Britain's postal service into foreign ownership for the first time. Kretinsky had amassed a 28 per cent stake in IDS over several years - and his takeover prompted a Government review due to the postal service's vital role in UK national infrastructure. Through his companies, he also owns more than a quarter of West Ham United FC, 10 per cent of Sainsbury's and a gas transmission service that pipes Russian gas to Europe - a contentious link that nevertheless did not deter UK ministers. Upon approval of the sale by shareholders last month, he said he would put 'employees and customers at the heart of everything IDS does'.
