Exclusive: Thyssenkrupp to consider partial listing of elevators business, abandons split

FILE PHOTO: A logo of ThyssenKrupp AG is pictured outside the ThyssenKrupp headquarters in Essen, November 23, 2017. REUTERS/Thilo Schmuelgen/File Photo

Chief Executive Guido Kerkhoff is abandoning the proposal to split Thyssenkrupp into two because its low share price has made a cross-shareholding structure unworkable, these sources said. Thyssenkrupp unveiled plans last September to create two divisions: Thyssenkrupp Industrials, spanning its elevators, car parts and plant engineering businesses, and Thyssenkrupp Materials, which included materials trading and shipbuilding.

Thyssenkrupp shares have fallen by 47 percent over the past 12 months, valuing the business at $7.8 billion. That makes it the smallest constituent of Germany’s 30-share DAX index, even after a 7 percent bounce on Friday’s news.

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