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Chairman rules out break-up of Thyssenkrupp

Steel News - Published on Thu, 12 Jul 2018

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Reuters reported that Chairman Ulrich Lehner, taking aim at investors that have called for a radical overhaul of the German industrial group, told German weekly paper Die Zeit in an interview published on Wednesday that a break-up of Thyssenkruppis out of the question He said “I think this (a break-up) would be a totally wrong move.”

He added there were no plans to divest the group’s elevator unit, its most profitable business, which some investors and analysts have said would rid Thyssenkrupp’s share price of a large conglomerate discount. He said “Crown jewels ... are only sold in times of need. There is no need (at Thyssenkrupp).”

His comments appear directed at Cevian and Elliott, two of the company’s largest shareholders, which criticized the steel-to-submarines group’s performance under Hiesinger, including a 28-percent share price decline during his tenure. Cevian, Thyssenkrupp’s second-largest shareholder with a 18-percent stake, has been vocal in calling for a strategic review of all of Thyssenkrupp’s business areas, saying each might thrive better in a different set-up.

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Posted By : Ratan Singh on Thu, 12 Jul 2018
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