Thyssenkrupp CEO Guido Kerkhoff has little choice but to sell the group's p...
) CEO Guido Kerkhoff has little choice but to sell the group’s prized elevator division lock, stock and barrel so he can save the conglomerate’s remaining businesses, four sources close to the German company said.
They said it would take at least until early 2020 to launch an IPO and a listing would only produce the best valuation in the right market environment - something that Kerkhoff cannot count on. Thyssenkrupp, whose roots go back more than two centuries, has been under pressure for years from shareholders - especially its second largest, Cevian Capital - to simplify its sprawling empire which includes subsidiaries making elevators, steel, car parts, warships, chemical plants and submarines.
When the steel merger collapsed, Kerkhoff announced the plan to list ET, the world’s fourth-biggest lift maker, and explore new ownership structures for some of its remaining units, including materials trading and plant engineering.
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