Diesel-haze at shareholder meeting: Daimler CEO must reassure investors – n-tv.de NEWS

 Economy
 

 Wednesday 06 April 2016

 
 
 

 
 The majority of the shareholders holding at the AGM not long with the sausages on: The VW scandal cast a great shadow. Group CEO Zetsche must ask probing questions. Many investors are nervous.
 

 
 

The VW-exhaust-scandal and the related debate on emissions from diesel vehicles dissolves under Daimler shareholders apparently made great uncertainty: At this year’s Annual General Meeting of the Stuttgart automotive group said fund manager Ingo Save Union Investment of “enormous lament and reputational risks for the entire automotive industry “. Speichs words carry weight: equity funds are major investors and are committed to Daimler partly considerable sums

Other shareholder representatives huddled at the meeting of shareholders in Berlin to Enlightenment.. In recent months, Daimler’s share price had clearly lost after learning of the manipulation of diesel engines in Volkswagen, together with the shares of other automakers in value. Stuttgart had always denied, a “Defeat Device” called cheating software testing detects to use in their engines. Nevertheless, environmental groups criticize excessive exhaust emissions even at Daimler’s diesel engines

DUH Files Suit

With a view to bring such actions and complaints from environmental organizations said Daimler CEO Dieter Zetsche at the Annual General Meeting. “This allegations we categorically reject. ” In the US, car owners had initiated a class action against Daimler for alleged fraud in emission levels in February. The German Environmental Aid (DUH) moved with an injunction because of consumer deception before the Landgericht Stuttgart (Az. 34 O 21/16 KFH) by. A Daimler spokeswoman said: “The lawsuit was us now delivered, we consider them unfounded.”

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The environmental aid raises the carmaker before, consumers with advertisements for clean diesel engines of the Mercedes to run “C-Class 220 CDi” astray. The association criticized a device which ensures in some diesel engines, the exhaust gas post-processing is turned down in certain temperature ranges.

The Kraftfahrtbundesamt silent

manufacturers like Daimler justify this with the protection of hardware, of that laid down in the legislation. The environmental aid, however, had demanded the withdrawal of the approvals of the model. A similar proposal, which turned against an Opel model has rejected the Federal Motor Transport Authority, said DUH managing director Juergen Resch. You’ll the contradict and drag if necessary even before the administrative court.

As a precaution, let the environment help explain the practice in a legal opinion for not legal. So far, this is only an expert opinion – and not a legally valid judgment. However, a given by the Greens commissioned Opinion of the Scientific Service of the Bundestag comes to a similar conclusion. The competent Automotive Bundesamt wanted to to far however not comment.

“variations may occur”

Daimler CEO Zetsche reiterated before the assembled shareholders Round, all Daimler vehicles are in based on the current framework certified the individual regions and approved. The acceptance limits were respected. “In real driving conditions, variations may occur as compared to the certified standard values.” That was no manipulation, but a result of the prescribed measuring process. Provisions for possible damages will not therefore make Daimler – simply because the manufacturer shall sees no reason

At the shops of Daimler shareholders had little to complain about.. After the record year 2015, the Group aims at a significantly increased dividend of 3.25 euros its shareholders (previous year: 2.45 euro) reward. Zetsche expects 2016 the second half with more impetus for the business of the car manufacturer. He expects that the second half of the year thanks to the new E-Class and favorable currency effects “will run significantly better than the first half,” said Zetsche.

Holds Bischoff Zetsche’s chair warm?

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In particular, the first quarter was affected by start-up costs for the new model and a strong demand for smaller cars, it said. Smaller vehicles take the car market in general, less income from the saloons and other more prestigious models. Total sales covered in the car business in the first quarter despite a slowdown in March neat to.

Critical saw some shareholders to re-elect supervisory board chairman Manfred Bischoff. The 73-year-old to sit for another five years on the supervisory body. There is speculation that he will then be succeeded by the hitherto retiring CEO Zetsche. “This is not good corporate governance, a forward-looking succession planning is different,” says fund manager Save.

No more sausages at Daimler?

Meanwhile, confirmed Daimler talks with the US Techkonzernen Amazon and Microsoft over a stake in map service Nokia Here. “We are talking with Amazon, Microsoft and many automakers,” said development chief Thomas Weber the “Wall Street Journal”. BMW, Daimler and VW subsidiary Audi had bought the map service for more than 2.5 billion euros of Nokia

A curious incident at the edge of the general meeting attended only briefly for attention. One of the 5,500 shareholders present had arranged with his fondness for sausages from the buffet for an eclat. Only alarmed police officials could settle the dispute between two shareholders. The DAX company had prepared for its shareholders as usual a little refreshment. According to the company for a total of about 12,500 were ready sausages. Supervisory Board Chairman Bischoff then wondered aloud about consequences: “Either we need more sausages or we create the sausage completely.”

  Source: n-tv.de
 

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