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Investors intensify pressure on Thyssenkrupp boss before AGM

Steel News - Published on Thu, 18 Jan 2018

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Reuters reported that shareholders led by activist investor Cevian have renewed calls for structural change at Thyssenkrupp, putting more pressure on Chief Executive Heinrich Hiesinger before the steelmaker’s annual general meeting. Investors have questioned whether producing everything from steel and car parts to submarines and elevators is still the right set-up for Thyssenkrupp, due to hold its AGM on Jan. 19.

Lars Foerberg, co-founder of Cevian, said in response to a Reuters request for comment said ““Management and board need to address the (complex) structure so that each and every business area gets a chance to thrive.A new structure could be achieved via spinning off or listing businesses or creating joint ventures. It’s the root cause of Thyssenkrupp’s underperformance.””

Cevian is Thyssenkrupp’s second-largest shareholder after the Alfried Krupp von Bohlen and Halbach Foundation and holds a stake of about 18 percent.

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Posted By : Nanda Koijam on Thu, 18 Jan 2018
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