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DAXX:TKA, Jul 18, 08:56 UTC

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Thyssenkrupp faces aggressive restructuring after bosses quit

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Turmoil has erupted at German industrial giant Thyssenkrupp after a mega deal merging its steelmaking arm with India's Tata, with its bosses quitting amid an acrimonious battle with shareholders on whether to break up the venerable institution. The leadership chaos sparked fears of further job losses as some key investors push for redical surgery on the two-century-old conglomerate that makes everything from elevators and submarines to car components, turnkey industrial installations and steel. "It is clear that Thyssenkrupp is at a crossroads... aggressive restructuring may be in the cards," analysts at US investment bank Jefferies wrote Tuesday after supervisory board chief Ulrich Lehner followed chief executive Heinrich Hiesinger out of the door late yesterday. Bosses had hoped to find 400 to 500 million euros of annual savings, in part by shedding up to 4,000 jobs, persuaded that the merger would secure Thyssenkrupp's historic core against competition from a global flood of cheap Chinese steel. But activist shareholders like Swedish investment firm Cevian and the US hedge fund Elliott want management to go further.

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Thyssenkrupp Activist Investor, Labor Union Call for Peace Talks

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Thyssenkrupp AG’s labor unions and activist investor Cevian Capital said they should sit down to hash out plans for the company’s future after the shock resignation of chairman Ulrich Lehner. Talks could potentially bridge a contentious divide between investors, who believe Thyssenkrupp needs to streamline its businesses, and unions that want to safeguard jobs. "We won’t agree to a fast carve-up of assets, but are instead interested in developing Thyssenkrupp further,” said Markus Grolms, the deputy chairman and member of the IG Metall labor union. “Lehner had been one of the most vocal naysayers around a potential breakup, thus, if anything, this is likely to reinvigorate, rather than dampen, hopes that this will now be the course for Thyssenkrupp,” wrote Bruna Haq, an analyst at JPMorgan Chase & Co. Read Thyssenkrupp Activist Investor, Labor Union Call for Peace Talks on bloomberg.com.

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ThyssenKrupp AG (DAXX:TKA) article volume is higher than usual

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Explainer: Thyssenkrupp's foundation to steer conglomerate in leadership crisis view top sourcebeta

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Thyssenkrupp searches for new chairman as activists circle

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DUESSELDORF (Reuters) - Thyssenkrupp's foundation, the company's largest shareholder, pledged to work with unions and management to appoint a successor to its chairman Ulrich Lehner, with questions about its role in his abrupt departure. The resignations of the two senior figures at the company reflect a power struggle among Thyssenkrupp's management and shareholders which also include activist investors Cevian and Elliott. Ursula Gather, head of the Alfried Krupp von Bohlen and Halbach Foundation, which controls a 21 percent Thyssenkrupp stake, on Tuesday said she regretted Lehner's departure and would now work to preserve the long-term development and stability of Thyssenkrupp. "Keeping in mind the will of the founder, the foundation will seek to preserve the unity of the company as far as possible," Gather said in a statement, adding that she was in talks with Thyssenkrupp's supervisory board to find a successor for Lehner.

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ThyssenKrupp AG (DAXX:TKA) article volume is higher than usual

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Explainer: Thyssenkrupp's foundation to steer conglomerate in leadership crisis view top sourcebeta

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Explainer: Thyssenkrupp's foundation to steer conglomerate in leadership crisis

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FRANKFURT (Reuters) - Thyssenkrupp's (TKAG.DE) foundation, the company's largest shareholder, pledged to work with unions and management to appoint a successor to its chairman Ulrich Lehner. Shareholders are pushing for a radical overhaul, urging the Essen, Germany-based conglomerate to consider selling its elevators business and materials services division, which distributes non-ferrous metals, alloys and stainless steel. The foundation is tasked with preserving the "unity" of Thyssenkrupp and uses proceeds from Thyssenkrupp's dividend payments to further good causes in science and education. "The confidence of the major shareholders and a joint understanding within the Supervisory Board on the strategic direction of Thyssenkrupp were the basis for my work and a pre-requisite for my promise to Berthold Beitz to successfully further develop the company in the interest of customers, employees and shareholders. This is now no longer given," Lehner said in a statement late on Monday. "I take this step consciously to enable a fundamental discussion with our shareholders on the future of Thyssenkrupp. My decision may contribute to creating the necessary awareness with all concerned parties that a break-up of the company and the related loss of many jobs is not an option – neither in the interest of the founder, nor in the interest of the country."

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Thyssenkrupp faces 'aggressive restructuring' after bosses quit

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FRANKFURT AM MAIN: Turmoil has erupted at German industrial giant Thyssenkrupp after a mega deal merging its steelmaking arm with India's Tata, with its bosses quitting amid an acrimonious battle with shareholders on whether to break up the venerable institution. "It is clear that Thyssenkrupp is at a crossroads ... aggressive restructuring may be in the cards," analysts at US investment bank Jefferies wrote Tuesday after supervisory board chief Ulrich Lehner followed chief executive Heinrich Hiesinger out of the door late on Monday. Bosses had hoped to find €400 to €500 million of annual savings, in part by shedding up to 4,000 jobs, persuaded that the merger would secure Thyssenkrupp's historic core against competition from a global flood of cheap Chinese steel. But activist shareholders like Swedish investment firm Cevian and the US hedge fund Elliott want management to go further. Its value had fallen in the wake of the Tata deal as the Alfried Krupp Foundation - the historic anchor shareholder which controls 21 per cent of the firm - spoke out against unbundling its divisions. But the institution, whose founding document calls for Thyssenkrupp to be preserved as a whole "as far as possible into the future", no longer has the blocking minority needed to hold off other shareholders.

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Thyssenkrupp chairman Ulrich Lehner quits after Tata deal

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Thyssenkrupp chairman Ulrich Lehner quits after Tata deal By Press Trust of India | Berlin | Last Updated at July 17 2018 16:30 IST. Lehner's resignation comes 12 days after Thyssenkrupp's CEO Heinrich Hiesinger who had suprisingly quit the company after Tata Steel announced its 50-50 joint venture with the German giant, creating Europe's second-largest steel company after Lakshmi Mittal's ArcelorMittal. "I take this step consciously to enable a fundamental discussion with our shareholders on the future of thyssenkrupp. My decision may contribute to creating the necessary awareness with all concerned parties that a break-up of the company and the related loss of many jobs is not an option neither in the interest of the founder, nor in the interest of the country," Lehner added. Thyssenkrupp has been under pressure from activist investors such as investment firm Cevian, an 18 per cent shareholder, and business daily Handelsblatt reported Lehner was one of two advisory board members to have voted against the Tata merger, according to AFP news agency.

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Thyssenkrupp Inches Toward Breakup as Top Leadership Departs

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After losing its top leadership in less than two weeks, it’s looking more likely that Thyssenkrupp AG could be headed for a breakup, although much rests on the next move of the company’s largest shareholder. Both the chief executive officer and chairman, opponents of splitting up the sprawling conglomerate into what investors think would be more valuable parts, have resigned this month. Activist investors, including Cevian Capital, have pressured management to streamline the 207-year-old German company with operations in submarines, elevators and food packaging. “Lehner had been one of the most vocal naysayers around a potential breakup, thus, if anything, this is likely to reinvigorate, rather than dampen, hopes that this will now be the course for Thyssenkrupp,” wrote Bruna Haq, an analyst at JPMorgan.

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Thyssenkrupp leadership vacuum fuels restructuring hopes

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DUESSELDORF (Reuters) - Thyssenkrupp (TKAG.DE) shares bounced 8 percent on Tuesday, lifted by hopes of a deeper restructuring of the German submarines-to-elevators conglomerate after the chairman resigned, leaving the company in a leadership crisis. The resignations of the two senior figures at the company reflect a power struggle among Thyssenkrupp's management and shareholders which include a foundation that remains its largest shareholder and activist investors Cevian and Elliott. Lehner, 72, said in his resignation statement that he no longer enjoyed sufficient support to develop the company in the interest of its customers, employees and shareholders and would leave at the end of the month. Hiesinger and Lehner had championed a limited restructuring at Thyssenkrupp, merging Thyssenkrupp's European steel assets with those of India's Tata Steel (TISC.NS), in a deal sealed on June 30.

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