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While DAX Group employees are increasingly worried about job losses due to the management crisis and that Kerkhoff is trying to gather the workforce, investors' imagination in the stock market has his own quirks: "Chaos reigns in the steel industry" Market expert Andreas Lipkow of the bank Comdirect said. "The leadership has yielded to the pressure of militant investors and gerumt the posts." Not only is the breakup conceivable, but the group has also become a potential candidate for recovery: "The proactive player has become a victim". Tata Steel or another foreign group may make an offer to independent shareholders. "It would be the end of thyssenkrupp."
Message to employees
The steel and technology group's share, which has been dizzying for years, has recently increased sharply. US billionaire Paul Singer's fund currently holds only about three percent of thyssenkrupp, but has made a lot of noise since it entered in May. Swedish co-shareholder Cevian, with 18% as the second largest shareholder after the Krupp Foundation (21%), is also pushing for a reorganization of thyssenkrupp.
Kerkhoff, long-time CFO and close associate of the resigning CEO Heinrich Hiesinger, resumed his position last week by demonstrating his ability to act in the face of turbulence. In a message to employees, he campaigned for trust and promised urgently for the preservation of the entire group. They want to continue on the path – under one roof.
Moreover, the board is aware that the group must increase the yield, "to strengthen the confidence of the capital market", because the shareholder demand for an increase in value is "justified", assured Kerkhoff. But: "Maximizing profit in the short term at the expense of the future viability of the company is not our goal." Betriebsrte and IG Metall had warned in recent days of an impending crash of the group.
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Image sources: Quinta / Shutterstock.com, thyssenkrupp AG
