Thyssenkrupp owners vote on materials spin-off in latest restructuring move
Thyssenkrupp owners vote on materials spin-off in latest restructuring move FRANKFURT, Aug 7 (Reuters) - Shareholders of Thyssenkrupp TKAG.DE will on Friday vote on the proposed spinoff of the group's materials trading division, its largest by sales, in the latest step by the German conglomerate to simplify its sprawling structure.
The spinoff of 49% of tk accelis – which wholesales raw materials such as steel and alloys and runs warehouses to store them – would continue Thyssenkrupp's overhaul after separate listings of its hydrogen and defence divisions in recent years.
Investors will cast their vote at an extraordinary general meeting later on Friday on the move, which could see tk accelis list separately at the end of October, with Thyssenkrupp retaining a majority.
According to analysts at Jefferies, tk accelis – which employs around 15,500, is active in 30 countries and had sales of €11.4 billion in the last fiscal year – could achieve an enterprise value of around €3.6 billion ($4.2 billion).
At a capital markets day last month, tk accelis said it was targeting an adjusted margin for earnings before interest, tax, depreciation and amortisation of 4-5%, compared with 2.0% during the 2024/2025 fiscal year.
The business, which counts Airbus AIR.PA, BP BP.L, Tesla TSLA.O and Volkswagen VOWG_p.DE among its customers, is on the lookout for acquisitions in North America, it said in June, singling out the fragmented precious metals market there.
($1 = 0.8656 euros)
(Reporting by Christoph Steitz, editing by Thomas Seythal)