|Bid||10.60 x 280700|
|Ask||10.61 x 280400|
|Day's Range||10.12 - 10.65|
|52 Week Range||9.30 - 23.26|
|Beta (3Y Monthly)||0.69|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.15 (1.52%)|
|1y Target Est||N/A|
Thyssenkrupp is in talks with Kloeckner & Co over future cooperation in materials trading, but is not exploring a near-term takeover of the metals firm, three people familiar with the matter said. Shares in Kloeckner & Co rose 12.6% on Friday, boosted by a report in German business daily Handelsblatt that cash-strapped Thyssenkrupp is in talks to buy the group, raising its market capitalisation to 544 million euros ($602 million). Thyssenkrupp shares were up 1%.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Thyssenkrupp AG, among the last of corporate Germany’s sprawling conglomerates, is finally considering a major breakup after Europe’s economic slowdown forced it to slash its profit outlook.The firm said publicly for the first time that it would be open to selling a range of divisions, siding with investors who have long demanded management whittle down the steel-to-submarines behemoth. That’s after Thyssenkrupp’s financial results for the quarter revealed it’s continuing to spiral downward as trade disputes and weakening export demand damage Europe’s biggest economy. The stock rose as much as 3.2% in Frankfurt.To stem a years-long decline, Chief Executive Officer Guido Kerkhoff is looking for ways to raise money and streamline a business that’s been hammered by falling auto sales and investor dissatisfaction with management.“We will not allow a situation to continue where businesses with no clear prospects permanently burn money and destroy value,” the CEO said in an interview.Headquartered in the smokestack Ruhr region, the embattled industrial icon is part of industrial Germany’s heartland. Breaking up its conglomerate structure has met fierce resistance from unions and its major shareholder, a foundation set up by descendants of the founders that’s been a guardian of the status quo. Now that united front is cracking in the face of a persistent slowdown.The shares rose as much as 33 cents to 10.8 euros, and traded at 10.6 euros at 9:07 a.m. in Frankfurt. The stock has lost 29% this year, making it the worst performer on Germany’s benchmark DAX index.Thyssenkrupp will press ahead with plans to list its elevator unit, the company’s most profitable unit as it rides the global mega-trend for urbanization, according to a statement released Thursday. Private equity firms including CVC Capital Partners and KKR & Co., as well as rival elevator maker Kone Oyj, have expressed interest in part or all of the division, according to people familiar with the matter. Analysts have estimated that the elevator division could be valued at about 15 billion euros."We have clearly received a lot of interest from external parties for our elevator business, which we are currently evaluating in case there are alternative options," Kerkhoff said in an interview with Bloomberg TV.In addition, Thyssenkrupp listed three smaller businesses that will be considered for restructuring or disposal.The units are:Springs and stabilizers in the automotive components businessSystems engineering, which makes production lines for the car industryHeavy plate that’s used in construction and shipbuilding“We definitely see opportunities for their further development but not necessarily under the umbrella of Thyssenkrupp,” Kerkhoff said.(Updates with share reaction.)To contact the reporter on this story: William Wilkes in Frankfurt at email@example.comTo contact the editors responsible for this story: Reed Landberg at firstname.lastname@example.org, Benedikt KammelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ThyssenKrupp plans to develop an Indian procurement centre as a supply hub for its engineering business in its push to turn around the loss-making division. The engineering business, which makes turnkey plants for the chemical, fertilizer, cement and mining industries, contributes up to 9% of the elevators-to-submarine group's net sales, but has been mired in losses due to a weak global environment. "Our target is to achieve the needed turnaround next year," Marcel Fasswald, chief executive of ThyssenKrupp Industrial Solutions, told Reuters in an interview in Mumbai.
Powerful labour leaders at Thyssenkrupp have called on the group's management to come up with a clear strategy for its steel unit, which will remain part of the conglomerate after a failed attempt to merge it with Tata Steel. Thyssenkrupp's steel unit has come under pressure due to falling prices and high raw material costs and faces 2,000 job cuts, the same level of layoffs that would have been carried out under the previous merger plans with Tata Steel. Thyssenkrupp Steel Europe's second-quarter adjusted operating profit plunged 81% to 37 million euros ($42.05 million).
Germany's Thyssenkrupp will promote Premal Desai to lead its steel division and restructure the business in the face of dwindling global demand, the elevators-to-submarines group said on Friday. Thyssenkrupp Steel Europe, whose roots go back more than 200 years, has suffered a sharp fall in profits and will bear the brunt of planned job cuts across the group. Of the 6,000 layoffs Thyssenkrupp is planning, 2,000 will come from Steel Europe, more than 7 percent of the division's workforce.
Thyssenkrupp on Friday strengthened its elevator division with a small takeover in the United States, ahead of a planned listing of the 14-billion euro ($15.6 billion) unit which has failed to revive the conglomerate's beaten shares. Thyssenkrupp has been in crisis mode for the past year and only three weeks ago scrapped an old restructuring plan - a spin-off of its capital goods units - in favour of a partial initial public offering (IPO) of its best asset: elevators. While initially welcomed by analysts and investors, shares in the company on Friday gave up all the gains they made following the strategic announcement in a major blow to Chief Executive Guido Kerkhoff's efforts to turn around the group.
Thyssenkrupp on Friday said it bought the elevator unit of U.S.-based Nashville Machine Company, strengthening its own elevator business, which it plans to list on the stock exchange to bring in fresh funds. All of Nashville Machine Elevator's 130 employees will be taken on by Thyssenkrupp's elevator division, which is valued at about 14 billion euros ($15.6 billion), almost twice Thyssenkrupp's current market valuation. Nashville Machine Company has been maintaining and installing elevators for about a century, Thyssenkrupp, which earlier this month unveiled plans for a partial listing of Elevator Technology (ET), said.
Thyssenkrupp on Monday said it was in talks with the CEO of its steel division to end his contract, less than three weeks after the Germany group dropped plans merge the business with Tata Steel's European division. Thyssenkrupp and Tata abandoned the planned steel venture, saying they were not prepared to offer more concessions to European regulators. Thyssenkrupp instead opted to pursue a listing of its prized elevators business.
FRANKFURT/DUESSELDORF, Germany (Reuters) - Thyssenkrupp's supervisory board has left the door open for a potential sale of the group's elevator unit, which CEO Guido Kerkhoff prefers should be listed on the stock exchange, two people familiar with the matter said. The board, which approved Kerkhoff's new turnaround plan on Tuesday, unanimously backed the planned initial public offering (IPO) of a minority stake in Elevator Technology (ET), Thyssenkrupp's most profitable unit. Kerkhoff would have to review any offer for ET made by an outside party for the unit as part of his mandate, even though the listing is his plan A to raise cash and ease pressure on the group's stretched balance sheet, the people said.
Thyssenkrupp's supervisory board on Tuesday said it unanimously approved Chief Executive Guido Kerkhoff's overhaul strategy, including a plan to list its prized elevators unit, the conglomerate said. "We have agreed that the executive board will now work out the concrete plans and begin the implementation," Thyssenkrupp Supervisory Board Chairwoman Martina Merz said in a statement following a meeting of the company's directors.
When Thyssenkrupp CEO Guido Kerkhoff announced plans to list its prized elevators unit last week, he set off a battle for the conglomerate's future that could test Germany's brand of "social market" capitalism. Kerkhoff had little choice but to think the unthinkable when the company's share price sank to a 15-year low on May 8. Now Thyssenkrupp's future is in play, with activist investors on the one side baying for a restructuring of the group to drive up value, and its top shareholder - the charitable Krupp foundation - and workers on the other side with a mandate to protect the unity of the company and jobs.
France's Naval Group would consider buying Thyssenkrupp's marine division if the German steel-to-submarines conglomerate were to offer the unit for sale, a German newspaper cited a source close to the French group as saying. "We will look at the marine business of ThyssenKrupp if it is put on sale," Frankfurter Allgemeine newspaper cited the source as saying. A spokesman for Naval Group said the company had no comment to make on the report.
Shares in Thyssenkrupp rose as much as 7.2% on Thursday after Reuters reported Finnish company Kone is assessing the viability of a bid for the German conglomerate's 14 billion euro (12 billion pounds) elevators division. Thyssenkrupp last week dropped plans to spin off its capital goods business after months of shareholder criticism, and opted instead to list elevators, its most profitable division. Four people familiar with the matter said it was not clear if Kone could fund an all-cash bid and whether or not the deal would face significant anti-trust hurdles similar to Thyssenkrupp's failed steel joint venture with India's Tata Steel.
FRANKFURT/DUESSELDORF, Germany (Reuters) - Thyssenkrupp's elevator business, the conglomerate's crown jewel that it plans to list, saw operating margins fall in the second quarter due to higher material costs that also hit Swiss rival Schindler. The unit, which also competes with Finland's Kone and United Technologies Corp's Otis, is Thyssenkrupp's prize asset and investors have long demanded that it needs to be listed, merged with a peer, or sold. Adjusted operating profit (EBIT) margins at the division, however, fell to 10.6% in the second quarter, down from 11.6% a year earlier, Thyssenkrupp said on Tuesday.
FRANKFURT (Reuters) - Thyssenkrupp's planned stock market flotation of its elevator business is unlikely to happen this year but could take place in 2020, a senior union official said on Tuesday. The elevator ...
Thyssenkrupp's planned stock market flotation of its elevator business is unlikely to happen this year but could take place in 2020, a senior union official said on Tuesday. The elevator unit, whose initial ...