Thyssenkrupp to spin off materials trading division
Overview of Thyssenkrupp's Strategic Move
Announcement and Background
FRANKFURT, June 16 (Reuters) - Thyssenkrupp plans to spin off its materials trading division, the German conglomerate said on Tuesday, in what marks the sale of its biggest division by sales in the group's ongoing restructuring.
Context of the Restructuring
The move, previously reported by Reuters, is the latest step by the company to turn into a holding firm and follows the divestment of the group's hydrogen and marine divisions via stock market listings.
Details of the Spin-Off
Shareholder Vote and Valuation
Thyssenkrupp will let shareholders vote at an extraordinary shareholder meeting on August 7 on whether to spin off 49% of the division - recently renamed tk accelis - which analysts at Jefferies have estimated has an enterprise value of €3.6 billion ($4.2 billion).
Timeline for Listing
The separate listing of the business would then take place before the end of the year, Thyssenkrupp said.
Management Perspective
CEO's Statement
Thyssenkrupp CEO Miguel Lopez said tk accelis, which manages materials supply chains and warehousing, had "made impressive progress in recent years".
Additional Information
Exchange Rate
($1 = 0.8616 euros)
Reporting Credits
(Reporting by Christoph Steitz, Editing by Miranda Murray and Emelia Sithole-Matarise)
