FRANKFURT - Thyssenkrupp abandoned plans to hive off its steel business and split up the rest of the German conglomerate on Friday after a lengthy battle with activist investors and regulators, opting to list its elevators division instead.
However, Chief Executive Guido Kerkhoff ditched this proposal because Thyssenkrupp’s low share price had made a cross-shareholding structure unworkable, three sources said. “The economic downturn and its effects on business development and the current capital market environment have led to the separation not being able to be realized as planned,” Thyssenkrupp said in a statement.
Thyssenkrupp’s market value is around 6.9 billion euros , while analysts have estimated the elevators division to have an enterprise value of at least 14 billion euros.Thyssenkrupp has been the target of activist investor Cevian, which has an 18 percent stake, and Elliott Capital Advisors, which has a smaller holding in the conglomerate.
Specialized businesses are often more highly valued than conglomerates because in times of growth, high-potential assets do not have to compete for the combined balance sheet with businesses offering lower returns.
Source: News Formal (newsformal.com)
queue stock 'uplift' gags! 🤣
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: Thyssenkrupp to consider partial listing of elevators business, abandons splitThyssenkrupp is considering a carve-out or listing of its elevators business aft...
Source: Reuters - 🏆 2. / 97 Read more »
GE Investors Approve Executive Pay, Reject Plan to Appoint Independent ChairmanGE shareholders approved the company’s executive-compensation plans and rejected a proposal to appoint an independent chairman, but both measures garnered high levels of protest votes after two difficult years for the conglomerate. TheJusticeDept The DOJ let $GE of the hook with a slap on the wrist... Shareholder approved vote? Revamped Board? 😹 Criminal enterprises working overtime I once voted to strip BoA CEO / Chairman of both titles - pick one or the other. It worked for a while, then Brian simply changed his mind (and they didn't have an electoral college 🤣🤣🤣🤣). Sold my GE stock years ago. It still sucks
Source: WSJ - 🏆 98. / 63 Read more »
ThyssenKrupp sees room for EU agreement on Tata Steel dealThyssenKrupp said on Sunday it still saw scope for agreement with European antit... 七个星期五确实很酷 So many nazis here...
Source: Reuters - 🏆 2. / 97 Read more »
In the Elevator With Rebecca MinkoffWSJ's Joanna Stern 'bumps into' Rebecca Minkoff, founder of her namesake fashion brand, and finds out about Minkoff's new partnership with Instagram, her efforts to empower female entrepreneurs and how to run a business with a family member. Photo: Rob Alcaraz/The Wall Street Journal JoannaStern JoannaStern If you wear it across your body it's not a 'FANNY' pack.
Source: WSJ - 🏆 98. / 63 Read more »
Junk bond market rally turns Chinese borrowers more aggressiveA surge in junk-rated bonds has made Chinese borrowers more aggressive, with sel...
Source: Reuters - 🏆 2. / 97 Read more »
Healthy plant-based diet (but not plant-based junk food) may protect kidneys(Reuters Health) - While a healthy-plant based diet is tied to a lower risk of k... What a load of nonsense. Eat meat. It's what made us human. Blah Blah Blah. 😴 You always want to avoid a kidney biopsy.
Source: Reuters - 🏆 2. / 97 Read more »
Opinion | William Barr’s master class in word-splittingThe attorney general excels in prevarication and provocation. And you forgot lying.... FACT: IT’S OVER !!! *Trump Zombifies Congress* WilliamBarr
Source: washingtonpost - 🏆 95. / 72 Read more »
SoftBank Group unveils stock split, rakes in higher profit on tech betsJapanese conglomerate SoftBank Group Corp announced a stock split while keeping ...
Source: Reuters - 🏆 2. / 97 Read more »