Voser Steps in as Interim CEO at ABB
ABB Chief Executive Ulrich Spiesshofer has quit the Swiss industrial group as the board and major shareholders look for a speedier turnaround at the maker of industrial robots and supplier of factory automation.Spiesshofer’s abrupt exit follows the launch of the biggest overhaul in ABB’s 31-year history to reposition the company more toward digital industries and agreeing to activist shareholder demands to…
ABB Chairman Sees Oil Price Rebound in 2017
The price of oil has the potential to fall further this year but could rebound in 2017 on the back of a stronger global economy, the chairman of Swiss engineering group ABB told local television. "The price can still go lower because supply and demand are far apart at the moment," Peter Voser said in a panel discussion broadcast by Swiss news program SRF ECO on Monday. Voser worked at oil company Royal Dutch Shell for years including a period as chief executive officer from 2009 until the end of 2013.
UK Warns Off BP Suitors Now Shell Unavailable as 'White Knight'
Britain's warning to potential suitors of BP is a sign of the oil major's vulnerability to a takeover bid and that a more politically palatable tie-up with Royal Dutch Shell no longer seems to be an option, banking and industry sources said. Despite championing a laissez-faire policy towards takeover deals, Britain has always had a special interest in BP, dating back to the creation of the company via an unusual government investment master-minded by Winston Churchill.
Oil Companies' Profits Hit by Quest for Crude Price Exposure
The drop in big oil companies' profits in the past eight months isn't just a function of lower crude prices - it also reflects strategic choices. A Reuters examination of corporate filings by some of the biggest players in the industry, including BP, Shell and France's Total, shows the sensitivity of these companies' earnings to changes in oil prices has risen in recent years. This means that for every dollar the oil price drops, their profits sink more than they might have done five years ago.
Former Shell Head Voser Returning as ABB Chairman
ABB nominates ex-Royal Dutch Shell boss as chairman; current chairman von Gruenberg has decided to step down. Swiss engineer ABB has named former Royal Dutch Shell boss Peter Voser as its new chairman, a homecoming for a man who was previously finance chief at the company. Voser, a Swiss national, had been seen as a possible candidate to become chairman at Basel-based drugmaker Roche , where he is a board member.
Shareholders Force Smaller BG CEO Pay Package
Oil and gas firm BG Group has cut millions of pounds off the pay package for its incoming chief executive Helge Lund, bowing to pressure from shareholders in the biggest such revolt over executive pay in recent years. Britain's Business Secretary threw his weight behind disgruntled investors last week, urging the new chief executive's "excessive" pay package to be voted down. Norwegian oil major Statoil's chief executive for the last 10 years…
Noble, EIG Launch $2b Energy Venture
Asian commodity trader Noble Group Ltd has joined forces with U.S. private-equity firm EIG Global Energy Partners to launch a new venture aiming to snap up $2 billion in global energy assets. Harbour Energy Ltd will be helmed by former top Royal Dutch Shell Plc executive Linda Cook, the companies said, with EIG and the new firm's management team overseeing cash raising and acquisitions, with Noble responsible for marketing and logistics.
Shell Stops Work on GOM Gas Project
Royal Dutch Shell plc announced that the company will not move forward with the proposed 140,000 bpd Gulf Coast gas-to-liquids (GTL) project in Louisiana. Shell is a leader in GTL technology, and the company said it has evaluated a number of development options for GTL on the US Gulf Coast, using natural gas feedstocks. Despite the ample supplies of natural gas in the area, the company has taken the decision that GTL is not a viable option for Shell in North America…
