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Thyssenkrupp chairman rejects investor call for breakup - Handelsblatt

Steel News - Published on Wed, 06 Dec 2017

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Reuters reported that Germany’s Handelsblatt reported, citing an interview, that Thyssenkrupp Chairman Ulrich Lehner has rejected investor calls to break up the industrial group and backed top management’s plan to transform the firm into a technology group. He told “Breaking up the group is not at all an issue. If an investor positions itself publicly in such a way, then this hurts the company.”

He added “A breakup is not an optional issue that one can deal with carelessly. If there was need to take action on that front, then this would also be addressed and discussed within the supervisory board.”

The head of Thyssenkrupp’s supervisory board gave his backing to Hiesinger ahead of a meeting with the CEO and Cevian founder Lars Foerberg on Tuesday. He told “The team around Heinrich Hiesinger is doing an excellent job. It has the full support of the supervisory board and I appreciate the cooperation very much.”

Cevian Capital, which holds around 18 percent in Thyssenkrupp, has criticized the management’s transformation course for failing to boost profitability and called for structural changes to the group to help it become more agile.

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Posted By : Rabi Wangkhem on Wed, 06 Dec 2017
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