Bayer pledges to go it alone for now, plays down drag from Asian crisis
Article Abstract:
Bayer AG, a Germany-based chemicals and pharmaceuticals firm, intends to remain independent and considers acquisitions in Asia. Bayer, which said it will not acquire Hoechst AG in the near future, contradicts speculations that Bayer with Hoffman La Roche Inc. of Switzerland is contemplating to acquire Hoechst, of which pharmaceutical business will be divided between the two acquirers. Bayer chairman Manfred Schneider said the firm will only buy a pharmaceutical firm if it will remain in the dominant figure among the two firms. Schneider said Bayer is considering acquisitions and deals in Asia and that the financial crisis in Asia will be overcompensated with the economic growth in Europe.
Comment:
Intends to remain independent & considers acquisitions in Asia
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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BASF reports profit growth but fears stay
Article Abstract:
BASF AG of Germany reported a 15% increase in pre-tax profit in the second-quarter of 1998 to 1.50 billion marks from 1.30 billion marks while group sales fell to 14.3 billion marks from 14.4 billion marks. The company attributed the decrease in sales to declining demand in Asia because of the financial crisis in the region which has affected the chemical industry in Germany. BASF cautioned that it expects its earnings growth to stay flat during the remaining period of 1998. BASF is the hardest hit by the Asian crisis among the three major chemical manufacturers in Germany that also includes Bayer AG and Hoeschst AG.
Comment:
Reports a 15% increase in pre-tax profit in the 2nd-quarter of 1998 to 1.50 bil marks from 1.30 bil marks
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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BASF posts rise in profit but warns of difficult '99
Article Abstract:
BASF AG of Germany posted a 12% improvement in pretax profit to 1.49 billion marks in the third quarter 1998, compared to 1.33 billion marks in the year-ago period, but warns that 1999 results will not be promising due to the current problematic global economic situation. The company said that the increase was only due to fluctuations in one-time gains and charges. Although it expects to gain a slight increase in full-year pretax profit, a prevailing depressed economy would result in pretax profit that is lower than in the earlier year.
Comment:
Posts 12% improvement in pretax profit to 1.49 bil marks in 3rd quarter 1998, but warns that 1999 results will not be promising
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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