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New Beginnings Hedge Fund Elliott Wants to Fundamentally Rebuild ThyssenKrupp
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According to the hedge fund Elliott, Thyssenkrupp is late on its possibilities
Source: REUTERS
ThyssenKrupp has been in action for weeks leadership crisis. Key executives have abandoned the intervention of activist hedge fund Elliott. Their number two in Europe is now the first time to comment on events.
N Following the departure of ThyssenKrupp's Management Board and Supervisory Board, financial investor Elliott sees opportunities for a fresh start in the traditional steel industry. For the Essen-based company to be more successful, more freedom of action is needed for the business sectors and more entrepreneurial skills.
The company should focus on its strengths, according to Franck Tuil, number two of Elliot in Europe. The portfolio manager denied having explicitly requested the dissolution of ThyssenKrupp. However, the badignment of small parts could be part of a sensible strategy. Many DAX companies have already successfully practiced this.
Elliott, by his own admission, exercised no pressure on ThyssenKrupp's management and did not attempt to persuade the Management Board and the Supervisory Board to adopt a strategy. dictate. However, the "changes initiated within the Management Board and the Supervisory Board" are beneficial for the entire company and for all stakeholders. Resigned chief supervisor Ulrich Lehner spoke out against "Psychoterror"
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Lehner, along with CEO Heinrich Hiesinger, threw in the sponge in July. They were accused, among other things, that the company with its more than 200 years of history had fallen behind the competition under their auspices. ThyssenKrupp has contributed too little to the merger of steel with Tata.
"Staying at One's Possibilities"
"ThyssenKrupp has the potential to become a clbad leader.Unfortunately, ThyssenKrupp has made several decisions in the past that have left behind in so many ways," said the director of Elliott, Tuil, during the discussion of WELT The hedge fund has the intention of "investing for the long term in ThyssenKrupp." The financial investor is convinced that it can be a valuable partner to bring positive change.
Elliott entered ThyssenKrupp in May this year with just under three percent .The New York-based hedge fund is seen as an activist investor, who applies his interests in part with aggressive methods
For years, ThyssenKrupp has been among the Dax companies with below-average performance, and from January to July 2018, the stock lost about 6% of its value.
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