Thyssenkrupp weighs summer vote on materials unit spin-off
Thyssenkrupp is weighing an extraordinary general meeting in late July or early August to vote on the potential spin-off of its materials trading division. The move follows CEO Miguel Lopez's efforts to simplify the group's structure after the unit reported a significant rise in quarterly profit.
THYSSENKRUPP AG is considering a summer shareholder vote to spin off its materials trading unit, which accounts for over 33% of Thyssenkrupp's sales. The move follows a failed attempt to sell the steel division of the Germany-based conglomerate to JINDAL STEEL LTD. A successful divestment would accelerate CEO Miguel Lopez's plan to transform the industrial giant into a lean holding company.
Two people familiar with the matter said Thyssenkrupp may hold an extraordinary general meeting in late July or early August. The supervisory board met on May 20 to discuss the overhaul.
