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Germany · Country watch

BASF Eyes Evonik, Tank Rebate Approved, VW Recall

BASF considers acquiring Evonik, a new tank rebate is approved, and VW recalls nearly a million cars in Germany.

· · 8 sources

The picture Deteriorating

Business conditions in Germany are deteriorating due to a major automotive recall affecting VW and Audi, despite BASF's potential acquisition of Evonik and a new tank rebate aimed at easing fuel costs.

In this briefing Bundestag · Bundesrat · Volkswagen Group · Audi · Kraftfahrt-Bundesamt · BASF · Evonik Industries

Regulation

  • energy
  • retail

Germany approves new tank rebate

a gas station with cars parked outside
Christian Jarlling / Unsplash

The German Bundestag and Bundesrat have approved a new tank rebate, set to reduce fuel prices by approximately 17 cents per liter from October to December, according to DIE WELT. This legislative move aims to alleviate the burden of high fuel costs on consumers amid the ongoing energy price crisis. The rebate is part of a broader strategy to manage energy costs and support economic stability.

Impact Fuel retailers and consumers will see a temporary price reduction, affecting energy sector revenues.

Sources: Hamburger Abendblatt ↗, DIE WELT ↗, ARD Tagesschau ↗, DIE WELT ↗

Disruption

  • automotive

VW and Audi recall nearly a million cars

Wolfsburg, Lower Saxony, headquarters of Volkswagen AG
Wolfsburg, Lower Saxony, headquarters of Volkswagen AG Vanellus Foto, CC BY-SA 3.0 via Wikimedia Commons

Volkswagen and Audi are recalling nearly a million cars in Germany due to a potential steering failure caused by a faulty screw, Handelsblatt reports. The recall affects multiple models, including the Golf Variant. The Kraftfahrtbundesamt (KBA) has issued a recommendation for the recall, which could expand further. This recall is part of a larger global recall affecting 2.8 million vehicles.

Impact Automotive dealers and repair shops will handle increased recall service demands; VW faces reputational risk.

Sources: Handelsblatt ↗, DIE WELT ↗, Frankfurter Allgemeine ↗, Handelsblatt ↗

Internal tension

Nothing significant reported today.

Safety & health

Nothing significant reported today.

Companies

  • manufacturing

BASF considers acquiring Evonik

BASF is considering acquiring Evonik, according to Handelsblatt. Evonik confirmed that BASF has made an approach, though no talks are currently underway. If successful, this acquisition would create a major player in the chemical industry in Germany. Evonik's stock rose by 11% following the news. The potential deal underscores BASF's strategy to expand its footprint in the chemical sector.

Impact Investors in Evonik see stock value increase; BASF's potential acquisition may reshape the chemical industry.

Sources: Handelsblatt ↗, ZEIT ↗, DIE WELT ↗, Frankfurter Allgemeine ↗

Markets

Nothing significant reported today.

Trade

Nothing significant reported today.

Politics

Nothing significant reported today.

Also today in Germany

Sources in this briefing

Sources: each headline links to the original article on the publisher's site.

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