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The course of action ThyssenKrupp has been only one direction for months: down. What leaves the shareholders desperate triggers the speculation of the market on a possible takeover imminent. The lower the price, the greater the chances, said two Reuters officials aware of the case. This weak development could defeat the plans of the CEO, Guido Kerkhoff, to split the traditional society of the Ruhr region.
Friday, the share price of Thyssenkrupp temporarily fell by more than 12% to 16.70 € – the highest daily loss since June 2016. Since the beginning of the year, the stock market value of the whole group has lost more than 20%, it is now less than 15 billion €. that badysts have called the only lucrative business lifts. "The value of the entire conglomerate could attract a consortium of financial investors," said one of the insiders. The elevator sector had already attracted the interest of Finnish competitor Kone. Division head Andreas Schierenbeck is facing replacement, as Reuters has learned. Lifts and escalators are the pearls of group earnings, but the returns of competitors are sometimes better.
INSIDER: COMPETITORS SHOW COUNCIL CHAIR
Not only Kone, but also competitors Otis and Schindler had targeted the elevator division of Thyssen, said the insiders. For the auto parts and factory construction business, there was nothing left. However, Kerkhoff also wants to split this project into the future Industrial AG company, while in Materials AG, among others, investment in the steel joint venture with Tata Steel is to be realized. Such a takeover would not be easy: the structure with the lucrative business of elevators, in addition to the less profitable auto parts business and weakened construction of the factory, represents in principle a poison pill, said an expert.
"Regarding the matter of the merger of the elevator business with competitor Kone, I think it would be very difficult under competition law," said Thomas Wechtfischer, Reuters CEO. German Securities Protection Agency (DSW). A low price, of course, all. "I imagine that Cevian will continue to refuel." The Swedish financial investor is the second largest individual shareholder of ThyssenKrupp with about 18% behind the Krupp Foundation with about 21%.
The Krupp Foundation is considered a bulwark against a hostile takeover. He should be convinced, as well as the state government of North Rhine-Westphalia and probably also the federal government of an attacker of the whole society. NRW has tens of thousands of employees at Thyssenkrupp. The federal government should not, in turn, leave to all the sensitive sector of the armament charged with the construction of submarines.
RTR
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Source: ThyssenKrupp AG
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