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Thyssenkrupp shares move higher on report of CVC interest in steel unit
Thyssenkrupp shares move higher on report of CVC interest in steel unit By Investing.com
Breaking News
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Stock Markets 29 minutes ago (Mar 21, 2023 06:28AM ET)
(C) Reuters
By Scott Kanowsky
Investing.com — Thyssenkrupp AG (ETR:TKAG) shares jumped on Tuesday on a report that private equity firm CVC Capital Partners is potentially interested in making an offer for the industrial group’s steel unit.
CVC is eyeing a bid of only EUR1 for the division, business daily Handelsblatt reported, citing several people familiar with the matter. The Luxembourg-based financial investor would then make investment commitments and take on billions in pension liabilities, Handelsblatt added.
The newspaper said Thyssenkrupp chief executive officer Martina Merz will outline plans for the steel unit at a special supervisory board meeting at the end of March.
However, she is expected to face resistance from some management team members and the trade union IG Metall. Both are reportedly keen to keep the business, arguing that it is an essential part of Thyssenkrupp’s operations.
Earlier this month, Merz backed setting up the unit on its own, flagging that the move would help it endure a “prolonged period of transformation” in the wider steel industry.
Thyssenkrupp did not immediately respond to a request for comment on the report.
Thyssenkrupp shares move higher on report of CVC interest in steel unit
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