|Bid||10.34 x 142800|
|Ask||10.35 x 10700|
|Day's Range||10.22 - 10.90|
|52 Week Range||9.25 - 23.50|
|Beta (3Y Monthly)||0.71|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.15 (1.52%)|
|1y Target Est||N/A|
Thyssenkrupp is in talks with Kloeckner & Co over future cooperation in materials trading, but is not working on a near-term takeover of the metals firm, three people familiar with the matter said. Shares in Kloeckner & Co were up 7.2%, narrowing earlier gains of as much as 17.7% following a report in German business daily Handelsblatt that cash-strapped Thyssenkrupp is in talks to buy the group. Thyssenkrupp shares were up 0.7% after having risen as much as 4.6%.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Thyssenkrupp AG, among the last of corporate Germany’s sprawling conglomerates, is finally considering a major breakup after Europe’s economic slowdown forced it to slash its profit outlook.The firm said publicly for the first time that it would be open to selling a range of divisions, siding with investors who have long demanded management whittle down the steel-to-submarines behemoth. That’s after Thyssenkrupp’s financial results for the quarter revealed it’s continuing to spiral downward as trade disputes and weakening export demand damage Europe’s biggest economy. The stock rose as much as 3.2% in Frankfurt.To stem a years-long decline, Chief Executive Officer Guido Kerkhoff is looking for ways to raise money and streamline a business that’s been hammered by falling auto sales and investor dissatisfaction with management.“We will not allow a situation to continue where businesses with no clear prospects permanently burn money and destroy value,” the CEO said in an interview.Headquartered in the smokestack Ruhr region, the embattled industrial icon is part of industrial Germany’s heartland. Breaking up its conglomerate structure has met fierce resistance from unions and its major shareholder, a foundation set up by descendants of the founders that’s been a guardian of the status quo. Now that united front is cracking in the face of a persistent slowdown.The shares rose as much as 33 cents to 10.8 euros, and traded at 10.6 euros at 9:07 a.m. in Frankfurt. The stock has lost 29% this year, making it the worst performer on Germany’s benchmark DAX index.Thyssenkrupp will press ahead with plans to list its elevator unit, the company’s most profitable unit as it rides the global mega-trend for urbanization, according to a statement released Thursday. Private equity firms including CVC Capital Partners and KKR & Co., as well as rival elevator maker Kone Oyj, have expressed interest in part or all of the division, according to people familiar with the matter. Analysts have estimated that the elevator division could be valued at about 15 billion euros."We have clearly received a lot of interest from external parties for our elevator business, which we are currently evaluating in case there are alternative options," Kerkhoff said in an interview with Bloomberg TV.In addition, Thyssenkrupp listed three smaller businesses that will be considered for restructuring or disposal.The units are:Springs and stabilizers in the automotive components businessSystems engineering, which makes production lines for the car industryHeavy plate that’s used in construction and shipbuilding“We definitely see opportunities for their further development but not necessarily under the umbrella of Thyssenkrupp,” Kerkhoff said.(Updates with share reaction.)To contact the reporter on this story: William Wilkes in Frankfurt at email@example.comTo contact the editors responsible for this story: Reed Landberg at firstname.lastname@example.org, Benedikt KammelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
BERLIN/FRANKFURT (Reuters) - Steel-to-submarines conglomerate Thyssenkrupp said on Wednesday that its head of compliance Donatus Kaufmann, an executive board member, will leave the company at the end of next month. Thyssenkrupp said in a statement that the departure was part of the "strategic and structural" realignment of the company. Kaufmann, executive board member responsible for legal and compliance as well as North America and Western Europe, had been a member of the management board since February 2014.
German steel distributor Kloeckner & Co is open to playing a role in the consolidation of Thyssenkrupp's materials trading division, including taking a minority stake, its chief executive said on Wednesday. Thyssenkrupp in May unveiled a major restructuring, effectively looking for partners for its business divisions, including Materials Services where it could sell a minority stake to a strategic partner. "We will always look at proposals," Gisbert Ruehl told journalists after presenting second-quarter results, adding that nothing could be ruled out.
German submarines-to-elevators conglomerate Thyssenkrupp said on Tuesday that it planned to drastically cut its carbon dioxide emissions over the next decade, banking on more efficient ways to produce steel, one of its trademark products. "We want to cut our emissions by 30% by 2030 across the entire business," Chief Technology Officer Reinhold Achatz told Reuters. Thyssenkrupp, Europe's second largest steelmaker after ArcelorMittal , produces 20 million tonnes of CO2 a year, equivalent to a 2.6 gigawatt power plant running on lignite, or brown coal, the dirtiest generation technology.
Powerful labour leaders at Thyssenkrupp have called on the group's management to come up with a clear strategy for its steel unit, which will remain part of the conglomerate after a failed attempt to merge it with Tata Steel . Thyssenkrupp's steel unit has come under pressure due to falling prices and high raw material costs and faces 2,000 job cuts, the same level of layoffs that would have been carried out under the previous merger plans with Tata Steel. Thyssenkrupp Steel Europe's second-quarter adjusted operating profit plunged 81% to 37 million euros (33 million pounds).
Germany's Thyssenkrupp will promote Premal Desai to lead its steel division and restructure the business in the face of dwindling global demand, the elevators-to-submarines group said on Friday. Thyssenkrupp Steel Europe, whose roots go back more than 200 years, has suffered a sharp fall in profits and will bear the brunt of planned job cuts across the group. Of the 6,000 layoffs Thyssenkrupp is planning, 2,000 will come from Steel Europe, more than 7 percent of the division's workforce.
Thyssenkrupp and Tata Steel's plan to form a landmark joint venture was rejected by EU antitrust regulators on Tuesday, concerned that the deal would have pushed up prices and reduced competition. The European Commission said the companies, which had looked to the deal as one way to tackle overcapacity and other challenges in the steel industry, had not done enough to allay its concerns. Millions of people in Europe work in these sectors and companies depend on competitive steel prices to sell on a global level," European Competition Commissioner Margrethe Vestager said in a statement.
The European Union's antitrust regulator says it's blocking a planned merger between German steelmaker Thyssenkrupp and India's Tata Steel because the move would have cut competition and pushed up prices. Thyssenkrupp had said last month that it expected the regulator to block the merger, and announced it would cut some 6,000 jobs and restructure its businesses. The European Commission said Tuesday that the two companies did not provide "adequate remedies" to address concerns it has about the proposed joint venture, which would have combined their flat carbon steel and electrical steel activities.
CHICAGO/LONDON, June 5 (Reuters) - The U.S. Department of Defense has held talks with Malawi's Mkango Resources Ltd and other rare earth miners across the globe about their supplies of strategic minerals, part of a plan to find diversified reserves outside of China, a department official said on Wednesday. The push comes as China threatens to curb exports to the United States of rare earths, a group of 17 minerals used in a plethora of military equipment and high-tech consumer electronics. Although China contains only a third of the world's rare earth reserves, it accounts for 80% of U.S. imports of minerals because it controls nearly all of the facilities to process the material, according to U.S. Geological Survey data.
Steel is being diverted to Europe as a result of U.S. 25% tariffs and the European Union needs to act, European steel industry chiefs say a letter sent to EU leaders and EU institutions. There has been a sudden downturn in the European steel industry's prospects, underpinned by long-term trends, 45 chief executives representing around 90% of the EU's steel output said in the letter. Steel imports into the EU have more than doubled since 2013 while demand had increased only marginally and is seen falling in 2019, they said.
Thyssenkrupp's supervisory board on Tuesday said it unanimously approved Chief Executive Guido Kerkhoff's overhaul strategy, including a plan to list its prized elevators unit, the conglomerate said. "We have agreed that the executive board will now work out the concrete plans and begin the implementation," Thyssenkrupp Supervisory Board Chairwoman Martina Merz said in a statement following a meeting of the company's directors.
From Volkswagen to Spotify to Iberdrola, Europe's biggest firms are urging people to vote in key European Parliament elections this weekend amid concerns that an anti-EU outcome could disrupt their business and hurt their bottom line. The unusual step of mixing politics with business is also echoed by some U.S companies, and a senior Microsoft executive in Germany has encouraged staff to go to the polls.
When Thyssenkrupp CEO Guido Kerkhoff announced plans to list its prized elevators unit last week, he set off a battle for the conglomerate's future that could test Germany's brand of "social market" capitalism. Kerkhoff had little choice but to think the unthinkable when the company's share price sank to a 15-year low on May 8.
When Thyssenkrupp CEO Guido Kerkhoff announced plans to list its prized elevators unit last week, he set off a battle for the conglomerate's future that could test Germany's brand of "social market" capitalism. Kerkhoff had little choice but to think the unthinkable when the company's share price sank to a 15-year low on May 8. Now Thyssenkrupp's future is in play, with activist investors on the one side baying for a restructuring of the group to drive up value, and its top shareholder - the charitable Krupp foundation - and workers on the other side with a mandate to protect the unity of the company and jobs.
European shares dropped on Friday after three days of gains, as Beijing ratcheted up its war of words with Washington over trade, weighing on risk appetite. The pan-European STOXX 600 index was down 0.7% by 0720 GMT, though it was still looking at its best weekly performance since in 1-1/2 months. The Communist Party's People's Daily used a front page commentary to say the trade war would never bring China down, after telecoms equipment giant Huawei Technologies Co Ltd was put on a U.S. blacklist.
World stock markets were buoyed by deal-making news and solid earnings from Dow components Cisco and Walmart on Thursday while strong economic data pushed U.S. bond yields higher even as investors struggled to make sense of the latest developments in global trade relations. News that U.S. President Donald Trump is expected to delay auto tariffs appeared to improve the trade tone on Wednesday, but later in the day the Trump administration hit Chinese telecoms giant Huawei with severe sanctions.