August 20, 2009 / 5:48 AM / 10 years ago

German stocks - Factors to watch on August 20

FRANKFURT, Aug 20 (Reuters) - The DAX top-30 index .GDAXI looked set to open 1.2 percent higher on Thursday, according to premarket data from brokers at 0611 GMT.

The following are some of the factors that may move German stocks on Thursday: (share price indications at 0611 GMT)

BAYER BAYG.DE

Indicated 0.3 percent higher

Bayer has suffered defeat in an Indian court in a crucial legal dispute over approval of a copycat version of its cancer drug Nexavar. [ID:nLJ123077]

Related news [BAYG.DE-E]

BASF SE BASF.DE

Indicated 1.0 percent higher

A BASF spokesman confirmed a report in the Rheinpfalz newspaper that the chemicals company is considering ending shortened work hours at its main plant in Ludwigshafen by September. The chemical group has already lowered the number of workers on reduced working hours to 300 from 600.

Related news [BASF.DE-E]

AUTOS

German Chancellor Angela Merkel’s cabinet on Wednesday agreed a plan to get a million electric cars on Germany’s roads by 2020 and transform the country into the world’s top electric car market.

The plan includes 500 million euros ($705.1 million) of funding for the construction of electric charging stations and programmes to boost battery technology in Europe’s biggest auto market. [ID:nLJ142080]

Related news [DE-AUT-E]

GENERAL MOTORS’ [GM.UL] OPEL

General Motors is holding a renewed round of high-level meetings with Canada’s Magna MGa.TO on its bid for GM unit Opel, Bild newspaper reported citing sources close to the talks. The newspaper said that in addition to GM CEO Fritz Henderson and Magna co-CEO Siegfried Wolf, the head of Russian Bank Sberbank SBER03.MM German Gref will also be attending the meetings. The purpose of Thursday’s meeting is for all parties to get to know each other better and not to hold fresh negotiations, Bild said.

Sources close to the talks have said the GM board aimed to recommend one of the suitors at a meeting on Friday. [ID:nLK345282]

Belgian private equity firm RHJ International RHJI.BR, which is competing with Magna to buy carmaker Opel, had about 380 million euros available to invest at the end of July. The parent company’s cash balance was 12.5 percent lower than at end-March, RHJ said in a statement on Wednesday. [ID:nLJ140972]

Separately, Germany could initially provide 4.5 billion euros in aid for carmaker Opel, and a recommendation on who should buy the firm could be made by General Motors on Friday, a senior German official said. [ID:nLJ168234]

Related news [GM.UL-DE-E]

OVERSEAS STOCK MARKETS

Dow Jones .DJI +0.7 pct, S&P 500 .SPX +0.7 pct, Nasdaq .IXIC +0.7 pct. [ID:nN19485302]

Nikkei .N225 +1.7 pct at 0527 GMT [ID:nT164704]

European Factors to watch [WATCH/EU]

Diaries [DE/DIA] [WEU/EWQUITY]

Reuters Top News [ID:nTOPNEWS]

Reporting by Eva Kuehnen and Tyler Sitte

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