LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Thyssenkrupp pledges to review strategy with Tata Steel

It agreed to merge its European steel business with that of Tata Steel in September 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Thyssenkrupp pledges to review strategy with Tata Steel
The management and supervisory boards will hold an annual strategy discussion in May and more changes to the group`s structure could follow if they made sense. Image source: Reuters
Written By: Reuters
Updated: Sat, Jan 20, 2018
01:03 pm
Reuters
RELATED NEWS
Kone ThyssenKrupp Merger: Kone offers $19 billion for Thyssenkrupp's elevator business Kone ThyssenKrupp Merger: Kone offers $19 billion for Thyssenkrupp's elevator business
We are working on long-term sustainable European operations: Tata Steel CEO & MD TV Narendran We are working on long-term sustainable European operations: Tata Steel CEO & MD TV Narendran
Thyssenkrupp rips up failed split plan, to list elevators in fresh revamp Thyssenkrupp rips up failed split plan, to list elevators in fresh revamp
ThyssenKrupp, Tata Steel offer concessions to allay EU concerns ThyssenKrupp, Tata Steel offer concessions to allay EU concerns
Thyssenkrupp to keep on implementing steel JV with Tata: CEO Thyssenkrupp to keep on implementing steel JV with Tata: CEO

Thyssenkrupp will review its strategy after a planned tie-up with India`s Tata Steel, its chief executive said on Friday, fuelling investor hopes for further steps to make the sprawling industrial group more focused.

Shares in the German elevators-to-submarines maker rose as much as 4.9 percent to a four month high of 26.41 euros.

Frustrated shareholders, led by activist Cevian, have been putting pressure on Thyssenkrupp boss Heinrich Hiesinger, saying the company was too unwieldy and should be broken up further.

Hiesinger, at the helm since 2011, has already cut the number of business units, slashed debt and embarked on a mission to transform Thyssenkrupp into a group focused on technology and less on the steel business for which it is famous.

It agreed to merge its European steel business with that of Tata Steel in September, saying global overcapacity had made a restructuring of the mainstay business necessary. That has not stopped investors from asking for more changes.

"Naturally Thyssenkrupp will look different with the establishment of the joint venture in the steel area," Hiesinger said at the group`s annual general meeting.

"We will hone our strategic vision and also adapt our financial targets accordingly."

The management and supervisory boards will hold an annual strategy discussion in May and more changes to the group`s structure could follow if they made sense.

"If we can improve a business ourselves within the group, we will do it. Wherever we see a better future for a business outside the group, we pursue this solution consistently."

Of the shareholders that cast a vote to ratify actions of management in the financial year 2016/2017, 96.32 percent endorsed the board. Cevian abstained from the vote, a spokesman for the investor said, highlighting its support for more change.

Shares in Thyssenkrupp closed 4.45 percent higher, helped also by comments that dividends could rise again in the future.

Cevian, Thyssenkrupp`s second-largest shareholder with an 18 percent stake, has been the most vocal supporter of a further break-up of the group, saying it had underperformed the market and should be worth twice its current share price.

Its co-founder Lars Foerberg this week told Reuters that Thyssenkrupp`s complex structure was the "root cause" of its underperformance, suggesting spin-offs, listings and joint venture for the other business areas.

"Hiesinger has said that he cannot rule out changes in the company`s structure. Activist investor Cevian is raising the pressure in this area," said Frederik Altmann, equity trader at Frankfurt-based Alpha.

"And the reiteration that Foerberg sees potential for the share price to double if Thyssen breaks up the overly complex structure fuels speculation."

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
ThyssenKruppTata Steel
RELATED NEWS
Kone ThyssenKrupp Merger: Kone offers $19 billion for Thyssenkrupp's elevator business Kone ThyssenKrupp Merger: Kone offers $19 billion for Thyssenkrupp's elevator business
We are working on long-term sustainable European operations: Tata Steel CEO & MD TV Narendran We are working on long-term sustainable European operations: Tata Steel CEO & MD TV Narendran
Thyssenkrupp rips up failed split plan, to list elevators in fresh revamp Thyssenkrupp rips up failed split plan, to list elevators in fresh revamp
ThyssenKrupp, Tata Steel offer concessions to allay EU concerns ThyssenKrupp, Tata Steel offer concessions to allay EU concerns
Thyssenkrupp to keep on implementing steel JV with Tata: CEO Thyssenkrupp to keep on implementing steel JV with Tata: CEO

LATEST NEWS

Jubilant Pharmova jumps over 7% amid development of a novel oral formulation of Remdesivir

CBSE CISCE Board Exams 2021 POSTPONED: Class 10 class 12 board exam candidates must know these IMPORTANT points - check here

Jubilant Pharmova, Pharma Stocks, Macrotech Developers to Goa Carbon - here are top Buzzing Stocks today

Stock market volatility: Anil Singhvi reveals key levels to watch; says Bank Nifty will take longer to recover than Nifty

After Delhi, lockdown announced in UP districts Lucknow, Prayagraj, Varanasi, Kanpur, Gorakhpur – Complete DETAILS HERE

ACC net profit up 74 pct YoY in Jan-March quarter at Rs 562 cr; Co maintains “cautious yet positive outlook”; See 7 takeaways from results

Gold Price today 19-04-2021: Yellow metal off to a good start on first day of week—check gold, silver rates here

Cipla, Cadila Healthcare, Glenmark Pharma: Technicals highlighted by Bonanza Portfolio

Vivo X60 Pro review: Buy it for an amazing camera experience

PUBG Mobile Lite Update: Season 24 release date revealed, check WP rewards, APK download link and more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved