Thyssenkrupp to spin off materials trading division on October 28
Thyssenkrupp to spin off materials trading division on October 28 FRANKFURT, Oct 21 (Reuters) - Thyssenkrupp TKAG.DE on Wednesday said its materials trading division tk accelis - its biggest by sales - would be listed via a spin off on October 28, confirming a previous Reuters story.
The spin off of 49% of tk accelis marks the German conglomerate's latest step to simplify its structure and turn into a holding company that owns sizeable stakes in its operating segments.
Thyssenkrupp AG shareholders will receive one tk accelis share for every twenty Thyssenkrupp shares they hold
"Through the planned stock market listing of tk accelis, we are creating opportunities for our shareholders to participate directly in the development of tk accelis and opening up additional entrepreneurial scope for the business," Thyssenkrupp CEO Miguel Lopez said
tk accelis employs around 15,500 people, is active in 30 countries and had sales of €11.4 billion ($12.80 billion) in the 2024/2025 fiscal year
The business targets an adjusted margin for earnings before interest, tax, depreciation and amortisation of 4% to 5% mid-term, compared with 2% during 2024/2025
($1 = 0.8905 euros)
(Reporting by Christoph Steitz
Editing by Linda Pasquini)
((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))