Thyssenkrupp's tk accelis starts trading in top German listing of 2026

ThyssenKrupp AG

28/10/2026 06:00

FRANKFURT, Oct 28 (Reuters) - Materials trader tk accelis TKCC.DE makes its stock market debut on Wednesday in Germany's biggest listing so far in 2026 and conglomerate Thyssenkrupp's TKAG.DE latest move to become a holding company.
Thyssenkrupp is spinning off 49% of its tk accelis shares to existing investors and retaining a majority in the business which buys, sells and processes materials such as steel and alloys and manages their warehousing.
With Airbus AIR.PA, BP BP.L, Tesla TSLA.O and Volkswagen VOWG_p.DE among its customers, tk accelis accounts for around 15,500 employees, or around 17% of Thyssenkrupp's total, as well as €11.4 billion ($12.7 billion), or nearly a third, of group sales.
Brokerage Jefferies, in a study ahead of the spin-off, estimated the enterprise value of tk accelis at between €2.6 billion and €4.8 billion, adding that its shares could start trading at between €29 and €64 each.
In July, tk accelis said it was targeting an adjusted core profit margin of 4% to 5% over the medium term, compared with 2% during the 2024/2025 fiscal year, and has singled out the US market as a key location for expansion.
The Thyssenkrupp unit is gaining autonomy as the materials sector consolidates. Smaller German rival Kloeckner & Co KCOGn.DE is being acquired by US firm Worthington Steel WS.N and US peers Ryerson RYZ.N and Olympic Steel are merging.    
The spin-off continues Thyssenkrupp's strategy of divesting substantial stakes in its operating divisions, including minority stakes in warship builder TKMS TKMS.DE and hydrogen division Thyssenkrupp Nucera NCH2.DE.
($1 = 0.8961 euros) 

(Reporting by Christoph Steitz; Editing by Alexander Smith)
((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))