LONDON: Thyssenkrupp shares leapt 20 percent on Friday as investors rushed to cover bearish bets after the conglomerate announced plans to list its best business, a move long hoped-for by investors.
On the day the joint venture with Tata Steel was announced in Sept 2017, Thyssenkrupp shares were trading at 26.2 euros - nearly twice their current level.That means even after today's jump, short sellers would still have made a 50 percent gain on their investment, if they went short on that day. In similar moves to Thyssenkrupp, General Electric spun off its healthcare business and Siemens plans to separate its gas turbines business.
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