Obbligazioni societarie Monitor bond Chimica Europa

[lorenzo63]

Si, la durata .. e poi le ultime righe del penultimo post ovvero petrolio dollaro euro .... che credimi, se dal di dentro si vede come una piccola manna l' eventuale rincaro dell' oil MA se l' euro a causa di una politica BCE (per me) poco comprensibile impedisce di avere i riordini in quanto comunque le tue merci sono care ... pensa che mi ricordo alcune visite commerciali di personale USA ai quali facevo ben presente che 1 dollaro non è = ad un euro ergo le loro merci le dovevano vendere ad un prezzo diverso ... Ma il gain era, per loro, da questa parte dell' oceano...

Imho, ovviamente....

 

[lorenzo63]

Rendimenti

 

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Solvay 1Q Net Pft -56%, Says FY Op Pft Will Be Dn

BRUSSELS (Dow Jones)--Belgian chemical and pharmaceutical company Solvay SA (SOLB.BT) Tuesday reported a smaller-than-forecast decline in first-quarter net profit and said its full-year operating result will be lower than in 2008.

Net profit in the quarter more than halved, to EUR91 million from EUR208 million in the same year-ago quarter, but the figure was higher than the EUR66.2 million net profit forecast by five analysts polled by Dow Jones Newswires. The lower bottom-line mainly reflected a negative performance of the group's plastics business.

"Thanks to the strong competitive positions of its industrial activities, the group is well-equipped to continue to cope with the global crisis," Solvay said in a statement. But it added: the "full-year operating result of the group will be lower than last year."

Recurring earnings before interest and taxes, or Rebit, stood at EUR142 million in the first quarter, down 53% on year. The company's Rebit stood at EUR965 million for 2008.

Sales fell 16% to EUR1.99 billion, with a sharp drop in the plastics business as the global economic crisis took its toll, together with a reduction in inventory, the company said.

At 1153 GMT, Solvay shares, which have lost 31% of their value over the past 12 months, were trading down 0.7% at EUR64.77 in line with a lower overall market.

Brussels-based Solvay has been hard hit by the current economic downturn as its activities are exposed to the vulnerable construction and automobile industries. The pharma unit has been able to offset part of the downward trend, increasing its weight in the company's core earnings.

Solvay said earlier this year it is analyzing various options for its pharma business. These range from doing nothing, to seeking new acquisitions of companies or products, to divesting the business or floating it on the stock exchange, as well as partnering with another company, Solvay's Chief Executive Christian Jourquin said during the company's annual general meeting Tuesday afternoon.

No decision has been taken at this stage, he added. "We are pursuing this review professionally and without haste, bearing in mind the long-term future of our group and those who compose it," Jourquin said.

Recent mergers and acquisitions in the industry have shown that major players are willing to pay high earnings multiples for acquisitions to keep their product pipeline healthy. But one obstacle to a sale could be the controlling stake held by descendants of the company's founder, Ernest Solvay.

 

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Lawmakers, Drug Makers Spar Over Patent Settlements

WASHINGTON (Dow Jones)--Executives for Mylan Inc. (MYL) and Endo Pharmaceuticals Inc. (ENDP) faced a grilling on Capitol Hill Wednesday from lawmakers who support legislation to bar pharmaceutical patent settlements that delay the introduction of generic drugs.

Critics in Congress and at the U.S. Federal Trade Commission say the deals are anticompetitive because branded drug makers pay their generic counterparts to abandon patent challenges that could lead to early market entry of competing generic medicines.

"Generic companies are getting paid handsomely to sit on the sidelines," said Richard Feinstein, head of the FTC's Bureau of Competition.

Feinstein, speaking before a House subcommittee that examines antitrust issues, said the settlements are a "win-win for the drug companies" but "impose enormous costs on the health care system."

A different House subcommittee voted Wednesday afternoon in favor of the legislation to ban the settlements. The bill will now move forward for full committee consideration by the U.S. House Committee on Energy and Commerce.

Guy Donatiello, Endo's vice president for intellectual property, took a very different view than the FTC, saying the settlements often were good for consumers.

Donatiello, whose company makes branded and generic drugs, said the settlements often allow generic drugs on the market before a branded drug-maker's patent ends, while also removing the uncertainty of litigation.

"While it's a delicate balance, the current system works," he said.

Mylan's chief operating officer, Heather Bresch, said her company and other generic makers were sometimes forced into settlements by branded companies that exploit a loophole in the federal law Congress passed to encourage generic companies to challenge questionable drug patents.

That loophole, Bresch said, essentially allows a brand-name drug maker to re-label one of its medicines and market the very same product as an "authorized generic" version.

Branded drug makers threaten this preemptive move when a competing generic company mounts a legal challenge to one of their patented medicines, she said.

"It definitely serves as a huge detriment to the generic industry," Bresch said.

In written testimony, Bresch singled out Eli Lilly & Co. (LLY) and GlaxoSmithKline PLC (GSK) as advocates of this practice.

The FTC's Feinstein said the agency was studying the issue of authorized generics and planned on issuing preliminary findings soon.

Lawmakers voiced competing views on whether patent settlements that delay generic drugs should be banned.

"Look folks, drugs are too expensive," said House Judiciary Committee Chairman John Conyers, D-Mich. "Generics are cheaper. Settlements make drugs more expensive."

Rep. Bob Goodlatte, R-Va., said most courts to consider the issue have ruled that the settlements are not anticompetitive. Modern antitrust law, he said, has moved away from rules to make certain business practices automatically illegal.

The FTC has challenged some drug agreements in court but has had limited success.

Most recently, the agency sued three drug makers in February, alleging that Brussels-based Solvay Pharmaceuticals Inc. (SVYSY), the maker of the testosterone drug AndroGel, entered into an illegal agreement with generic drug companies Watson Pharmaceuticals Inc. (WPI) and Par Pharmaceutical Cos. (PRX) to delay the introduction of a generic competitor.

 

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Clariant Posts 1Q Net Loss; 2009 Focus On Cash

ZURICH (Dow Jones)--Specialty chemicals company Clariant AG (CLN.VX) Wednesday said it swung to a net loss in the first quarter due to continuing weak demand for its products and high costs, and confirmed its 2009 focus will be on cash generation and cost reduction.

The Muttenz, Switzerland-based maker of chemical ingredients for products ranging from clothing to cars posted a net loss for the three months ending March 31 of 93 million Swiss francs ($81.8 million), after a net profit of CHF39 million a year earlier.

Analysts had forecast a net loss of CHF80.2 million.

"The profit figures were below the market's expectation and, even though the balance sheet looks good and cash flow generation is strong, I don't think this will reconcile the market," said Martin Schreiber, analyst at Zuercher Kantonalbank. He rates Clariant at marketweight.

At 0855 GMT, Clariant shares traded down 2.8%, or CHF0.19, at CHF6.57 in a slightly lower Swiss market.

Sales in the period under review dropped 24% to CHF1.6 billion, roughly in line with analysts estimates.

Sales for the pigments & additives division fell most in the first quarter - by 38% - undermined by weakness in the plastics, automotive and construction industries. Last month, the plastics unit of Bayer AG (BAY.XE) also said sales were down almost 35% due to an "unprecedented" drop in demand in its customer industries.

"We've already seen double-digit sales declines from Clariant's competitors, so there no surprises on the top-line" said Sal. Oppenheim analyst Juergen Reck.

In the first quarter, Clariant reduced its production drastically, meaning it fell more than demand did, which caused high costs for under-utilization at its plants, but led to a sharp inventory reduction, the company said. In the second quarter, Clariant plans to ramp up production again to meet the level of demand.

"We expect a stabilization of demand in the coming quarters and second-quarter operating profit should to be positive," Chief Financial Officer Patrick Jany said in a conference call.

In the first quarter, Clariant posted an underlying operating loss of CHF13 million.

Owing to low capacity utilization and drastic inventory reduction in the first quarter, Clariant was able to increase its operating cash flow to CHF156 million after a negative figure of CHF6 million a year ago.

"The cash flow figure was sensational," said analyst Reck who rates Clariant at neutral. "But it's questionable whether that will be possible in the next quarter too," he said.

"Clariant has still a lot to do to improve its profitability," Reck said.

Vontobel analyst Patrick Rafaisz said the key for Clariant lies still in restructuring. The company is "on track with the accelerated restructuring and costs savings" for this year, said the analyst, who rates Clariant at hold. Clariant reiterated its aim to return to profitability in 2011. It said its 2010 return on capital invested should be above the sector average.

Clariant said it has no refinancing needs before mid-2011 and currently sees no risk of breaching a covenant for a CHF750 million backstop facility maturing in June 2010.

In the year to date, Clariant shares have fallen by around 5.2%, trading much weaker than the Stoxx Europe 600 chemicals index which has gained 4.9% over the same period. Analysts point to the company's ongoing restructuring in an effort to tackle its inflated cost base.

 

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Clariant CEO: Strategic Options For Textile & Leather Open

Se ci crede lui........


ZURICH (Dow Jones)--Swiss chemicals company Clariant AG (CLN.VX) is leaving the strategic options for its textile and leather operations open, Chief Executive Hariolf Kottmann said Wednesday.

"We're pleased with our portfolio, with the exception of maybe textile and leather," Kottmann said during a telephone interview, adding the company will weigh up potential strategies.

Clariant will "leave it open" whether those options include disposals or acquisitions.

Earlier Wednesday, Clariant reported a greater than expected net loss due to a steep fall in demand in the first quarter.

 

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Clariant To Post Positive EBIT In 2Q -CEO

10 May 2009

ZURICH (Dow Jones)--Swiss chemicals company Clariant AG (CLN.VX) expects to post a positive operating profit in the second quarter, Chief Executive Hariolf Kottmann said Wednesday.

"We expect earnings before interest and taxes before exceptionals to be positive in the second quarter," Kottmann said during a telephone interview.

In the first quarter, Clariant cut its production more than demand dropped, leading to high costs for low capacity utilization.

"But that's going to change once we bring production back up to demand levels," Kottmann said, adding the company expects demand to stabilize in the coming quarters.

Earlier Wednesday, Clariant reported a greater than expected net loss and a negative EBIT due to a steep fall in demand in the first quarter

 

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Air Liquide: Further investments in Russia

Air Liquide (Paris:AI) is pursuing its development in Russia as the Group will build and operate a new Air Separation Unit in the Special Economic Zone "Alabuga". The ASU will have a production capacity of 40 tonnes per day of gaseous oxygen to supply by pipeline its new customer Preiss-Daimler-Tatneft's fiberglass production unit and around 200 tonnes per dayof liquid oxygen and liquid nitrogen to supply customers in the region by road.

The Special Economic Zone "Alabuga", located 900 km east of Moscow, in the Republic of Tatarstan was created in 2005 to contribute to the development of the economies of the Republic of Tatarstan and the Russian Federation. This dynamic zone which aims at facilitating the development of major industrial projects already hosts nine companies and should reach 40 in the future.

The overall investment by Air Liquide is around EUR35 million for the production facilities and for the supply chain altogether. The commissioning of the unit will take place in the first half of 2011.

Guy Salzgeber, Vice-President European Industrial Business and member of the Group's Executive Committee, declared: "The Russian market presents an attractive growth potential and Air Liquide intends to continue its development in this country. In the present context, we believe this investment will contribute to draw even more dynamism to the economy of the region. This project is in accordance with the Group's long-term vision which aims to capture tomorrow's growth in Emerging economies."

Air Liquide in RussiaAir Liquide in Russia has been based in Moscow since 1989 and was primarily concerned with the sale of industrial gas production equipment in Russia and Ukraine.Air Liquide started its gas supply activities in 2005, in particular for Severstal, a leading national steel producer for which an Air Separation Unit, the biggest gas unit in Russia, with a production capacity of 3,000 tonnes per day of oxygen has been commissioned in 2007.The Russian market for industrial gases, which has been growing annually by 5%, is still a market in development. Air Liquide operates several production units in Russia and has already invested EUR150 million in this market over the last years.

Industrial Merchant activities of Air LiquideThe Industrial Merchant business line ensures the management of the production and distribution of gases in bulk and cylinders, and provides customers with the applications and services required for their implementation.Its customers, who range from tradesmen to major businesses, use industrial gases in 5 key sectors:

-- food and pharmaceuticals
-- automobile and manufacturing
-- crafts and distribution
-- materials and energy
-- technology and research.
2008 revenue of Industrial Merchant business line amounted to EUR4.609 billion.

Air Liquide is the world leader in gases for industry, health and the environment, and is present in over 75 countries with 43,000 employees. Oxygen, nitrogen, hydrogen carbon dioxide and rare gases have been at the core of Air Liquide's activities since its creation in 1902. Using these molecules, Air Liquide continuously reinvents its business, anticipating the needs of current and future markets. The Group innovates to enable progress, to achieve dynamic growth and a consistent performance.

Air Liquide combines many products and technologies to develop valuable applications and services not only for its customers but also for society. Innovative technologies that curb polluting emissions, lower industry's energy use, recover and reuse natural resources or develop the energies of tomorrow, such as hydrogen, biofuels or photovoltaic energy... Oxygen for hospitals, homecare, fighting nosocomial infections...

A partner for the long term, Air Liquide relies on employee commitment, customer trust and shareholder support to pursue its vision of sustainable, competitive growth. The diversity of Air Liquide's teams, businesses, markets and geographic presence provides a solid and sustainable base for its development and strengthens its ability to push back its own limits, conquer new territories and build its future.

Air Liquide explores the best that air can offer to preserve life, staying true to its sustainable development approach. In 2008, the Group's revenues amounted to EUR13.1 billion, of which almost 80% were earned outside France. Air Liquide is listed on the Paris Euronext stock exchange (compartment A) and is a member of the CAC 40 and Dow Jones Euro Stoxx 50 index

 

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DSM And MCC To Exchange Polycarbonate And Polyamide Businesses

Royal DSM N.V., the global Life Sciences and Materials Sciences
company headquartered in the Netherlands, and Mitsubishi Chemical
Corporation (MCC) today announce that they have signed a memorandum
of understanding for DSM to acquire MCC's Novamid?? polyamide business
in exchange for DSM's Xantar?? polycarbonate business.
For both companies the businesses they will add to their portfolio as
a result of the intended swap of activities provide a strong
strategic fit. DSM Engineering Plastics will be able to further
reinforce its position as one of the two globally leading producers
of polyamide engineering plastics.
The intended swap will enable DSM Engineering Plastics to strengthen
the service and innovation capabilities it offers to the automotive
industry, the electrical market and the flexible packaging market,
not only in Europe and the United States but also in Asia, especially
in Japan and China. Following the intended acquisition of the
Novamid?? business DSM will also be able to add extra value to
Japanese overseas operations with innovative technology, local
service and product delivery.
MCC will be able to fortify its global position in polycarbonate
through the addition of DSM's innovative polycarbonate business,
which is mainly focused on the European market. In the agreement it
is envisaged that DSM Engineering Plastics will compound
polycarbonate in Genk (Belgium) for MCC and in turn MCC, through its
MEPCOM Kyushu joint venture, will compound polyamide in Kurosaki
(Japan) for DSM.
Both businesses have an annual net sales level of approximately EUR
90 million each. The parties have agreed not to disclose other
financial details.
Nico Gerardu, member of DSM's Managing Board and responsible for the
Performance Materials cluster, said: "This exchange of activities is
a win-win situation for both companies. It allows us to further
strengthen our position as a world leading producer of polyamide
while at the same time we are gaining a strong foothold in Japan, a
very important market for engineering plastics."
Roelof Westerbeek, President of DSM Engineering Plastics, said: "This
agreement builds on the strength of both companies. It is my belief
that our polycarbonate business will have a bright future under the
new ownership of MCC and I am very happy to welcome MCC's polyamide
business to the DSM family. Through this swap we will strengthen our
position in PA6 and at the same time expand our portfolio to include
PA6/66."
In light of the current difficult economic conditions, MCC is
actively restructuring its petrochemicals business, concentrating on
its core activities, such as the polycarbonate operations. The wide
application areas (e.g. automotive, IT, and electronics) and
potential further market expansion make polycarbonate a core business
for MCC. The addition of DSM's polycarbonate business will strongly
increase MCC's European polycarbonate business and add a portfolio of
innovative products.
The intended swap is another important step in the ongoing growth of
DSM Engineering Plastics in Asia. Last year DSM opened the first
Akulon?? PA6 polymerization plant in China and earlier this year a
greenfield facility for producing engineering plastics compounds in
India opened. In Japan, DSM Japan Engineering Plastics K.K.
successfully entered the market with the world's number one high-heat
polyamide (Stanyl??) two decades ago. It is envisaged that MCC's
polyamide business will be combined with DSM Japan Engineering
Plastics K.K.
The transaction is subject to various external approvals and will be
submitted to the works councils according to the usual procedures.
Closing is expected before the end of the year.
DSM Engineering Plastics
DSM Engineering Plastics is one of the world's leading suppliers of
engineering thermoplastics, with a permanent focus on innovation.
Most recently, DSM Engineering Plastics introduced the first new
polymer of the 21st century: Stanyl?? ForTiiTM. DSM Engineering
Plastics delivers Living Solutions: materials that support a durable
vision of people, planet and profit for customers who design or
produce electrical applications, electronic equipment, cars, barrier
packaging films as well as many mechanical and extrusion
applications. DSM Engineering Plastics offers a broad portfolio of
high-performance materials, including Akulon?? 6 and 66 polyamides,
Arnitel?? TPC, Arnite?? PBT and PET polyesters, Xantar?? polycarbonate,
Yparex?? extrudable adhesive resins and Stanyl??, global market leader
in high-heat polyamides. DSM Engineering Plastics, with sales in 2008
of EUR 761 million and 1500 employees worldwide, is part of the
Performance Materials cluster of DSM. More on: www.dsmep.com.
DSM - the Life Sciences and Materials Sciences Company
Royal DSM N.V. creates innovative products and services in Life
Sciences and Materials Sciences that contribute to the quality of
life. DSM's products and services are used globally in a wide range
of markets and applications, supporting a healthier, more sustainable
and more enjoyable way of life. End markets include human and animal
nutrition and health, personal care, pharmaceuticals, automotive,
coatings and paint, electrical and electronics, life protection and
housing. DSM has annual net sales of EUR 9.3 billion and employs some
23,500 people worldwide. The company is headquartered in the
Netherlands, with locations on five continents. DSM is listed on
Euronext Amsterdam

 

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Ancora DSM

DSM Acquires Biopract To Enter Fast Growing Biogas Market


company headquartered in the Netherlands, today announces an
agreement to acquire Biopract GmbH, based in Berlin (Germany). The
acquisition of privately held Biopract will serve as an entry point
for DSM into the promising biogas market, which is showing 15-20%
growth per year.
The acquisition has been finalized. Parties agreed not to disclose
financial details of the acquisition. The impact of the acquisition
on DSM's net sales in 2009 and 2010 is not expected to be material.
Founded in 1992, Biopract's main focus has been on the
commercialization and extension of their Methaplus(TM) enzyme series
for the improvement of agricultural and industrial biogas production.
The company has a strong application and technology position in this
field.
Rob van Leen, Chief Innovation Officer of DSM said: "We are convinced
that biotechnology will contribute significantly to the sustainable
and efficient use of natural resources today and in the future. We
look forward to combining Biopract's expertise with ours to further
increase the efficiency and performance of biogas plants."
Biogas is produced by anaerobic fermentation of biodegradable
materials such as biomass, manure or sewage, green waste and energy
crops. It can be used to generate electricity and as a low-cost fuel
for any heating purpose. Biogas can also be upgraded to natural gas
quality.
Driven by climate change and alternative energy initiatives, the
market for production and optimization of biogas-related processes
will become significant in the coming years. The acquisition of
Biopract will accelerate DSM's growth in this market.
Biopract's activities will be integrated into DSM's biogas service
concept for optimizing the biotechnology of biogas plants. Based on a
thorough analysis of the production process, DSM offers agricultural
and industrial biogas plants tailor-made advice and a product mix to
improve the biotechnology process and to increase the performance of
the plant.