|Bid||9.98 x 142800|
|Ask||9.99 x 10700|
|Day's range||9.74 - 10.02|
|52-week range||9.25 - 23.50|
|Beta (3Y monthly)||0.71|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.15 (1.57%)|
|1y target est||22.24|
European shares rose for a second day on Thursday, as investors took heart from a stronger than-expected rebound in Chinese exports and steadying of the yuan currency after a week of turmoil centred around a renewed escalation of U.S.-China trade tensions. Down as much as 5% in a three-day rout that began late last week, the pan-European STOXX 600 index was up 0.8% on the day by 0714 GMT, adding to a minimal rise on Wednesday and with the tech sector leading gains. Latest earnings showed disappointing second-quarter sales from German sportwear company Adidas, sending its shares down 1.5%, while Thyssenkrupp gained 2% in the face of a fourth profit-warning that traders said was already largely priced in.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Thyssenkrupp AG, among the last of corporate Germany’s sprawling conglomerates, is finally considering a major breakup after Europe’s economic slowdown forced it to slash its profit outlook.The firm said publicly for the first time that it would be open to selling a range of divisions, siding with investors who have long demanded management whittle down the steel-to-submarines behemoth. That’s after Thyssenkrupp’s financial results for the quarter revealed it’s continuing to spiral downward as trade disputes and weakening export demand damage Europe’s biggest economy. The stock rose as much as 3.2% in Frankfurt.To stem a years-long decline, Chief Executive Officer Guido Kerkhoff is looking for ways to raise money and streamline a business that’s been hammered by falling auto sales and investor dissatisfaction with management.“We will not allow a situation to continue where businesses with no clear prospects permanently burn money and destroy value,” the CEO said in an interview.Headquartered in the smokestack Ruhr region, the embattled industrial icon is part of industrial Germany’s heartland. Breaking up its conglomerate structure has met fierce resistance from unions and its major shareholder, a foundation set up by descendants of the founders that’s been a guardian of the status quo. Now that united front is cracking in the face of a persistent slowdown.The shares rose as much as 33 cents to 10.8 euros, and traded at 10.6 euros at 9:07 a.m. in Frankfurt. The stock has lost 29% this year, making it the worst performer on Germany’s benchmark DAX index.Thyssenkrupp will press ahead with plans to list its elevator unit, the company’s most profitable unit as it rides the global mega-trend for urbanization, according to a statement released Thursday. Private equity firms including CVC Capital Partners and KKR & Co., as well as rival elevator maker Kone Oyj, have expressed interest in part or all of the division, according to people familiar with the matter. Analysts have estimated that the elevator division could be valued at about 15 billion euros."We have clearly received a lot of interest from external parties for our elevator business, which we are currently evaluating in case there are alternative options," Kerkhoff said in an interview with Bloomberg TV.In addition, Thyssenkrupp listed three smaller businesses that will be considered for restructuring or disposal.The units are:Springs and stabilizers in the automotive components businessSystems engineering, which makes production lines for the car industryHeavy plate that’s used in construction and shipbuilding“We definitely see opportunities for their further development but not necessarily under the umbrella of Thyssenkrupp,” Kerkhoff said.(Updates with share reaction.)To contact the reporter on this story: William Wilkes in Frankfurt at firstname.lastname@example.orgTo contact the editors responsible for this story: Reed Landberg at email@example.com, Benedikt KammelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
FRANKFURT/DUESSELDORF, Germany, Aug 8 (Reuters) - Germany's Thyssenkrupp on Thursday issued its fourth profit warning under current boss Guido Kerkhoff, who agreed to consider a sale of its prized elevators business to help turn around the stricken conglomerate. To win back investor confidence, Kerkhoff is also putting three struggling business units under review and pledged to fix a sprawling corporate structure. "One thing will stop, which is that businesses without a clear perspective are burning cash on a permanent basis, destroying value that other business areas have generated," Kerkhoff said.
BERLIN/FRANKFURT (Reuters) - Steel-to-submarines conglomerate Thyssenkrupp said on Wednesday that its head of compliance Donatus Kaufmann, an executive board member, will leave the company at the end of next month. Thyssenkrupp said in a statement that the departure was part of the "strategic and structural" realignment of the company. Kaufmann, executive board member responsible for legal and compliance as well as North America and Western Europe, had been a member of the management board since February 2014.
German steel distributor Kloeckner & Co is open to playing a role in the consolidation of Thyssenkrupp's materials trading division, including taking a minority stake, its chief executive said on Wednesday. Thyssenkrupp in May unveiled a major restructuring, effectively looking for partners for its business divisions, including Materials Services where it could sell a minority stake to a strategic partner. "We will always look at proposals," Gisbert Ruehl told journalists after presenting second-quarter results, adding that nothing could be ruled out.
(Bloomberg) -- Thyssenkrupp AG Chief Executive Officer Guido Kerkhoff is facing mounting internal pressure to whittle down and restructure the company’s sprawling business portfolio as the supervisory board grows impatient at the slow pace of change at the crisis-hit conglomerate.Some members of the supervisory board are frustrated at the pace of restructuring efforts for several divisions, including components technology, steel and industrial plant-building, according to people familiar with the matter. Martina Merz, who chairs the oversight committee, has discussed incoming offers with Kerkhoff, they said.Several supervisory board members informally discussed a potential replacement for Kerkhoff some weeks ago because the company’s predicament may require an executive with restructuring experience, the people added. They decided against forcing him out for now. A Thyssenkrupp spokeswoman declined to comment.Societe Generale SA analyst Christian Georges said that board was wise to retain Kerkhoff to lead the restructuring."He has deep understanding of all the operations and, to us, remains the more likely person to finalize this lengthy breakup," Georges said via email.Thyssenkrupp shares rallied on Wednesday as traders speculated on the likelihood that the company will take bigger steps to overhaul or sell its underpeforming divisions. The stock rose as much as 5% and traded at 11.98 euros as of 1:47 p.m. in Frankfurt.The company’s operating and financial problems are likely to be highlighted when it publishes quarterly earnings on Aug. 8. Thyssenkrupp will struggle to avoid a profit warning given the company’s exposure to a slowing global economy and Germany’s troubled automotive sector, according to analysts.Daimler AG is stepping up a cost-cutting drive in a bid to counter flagging demand that has led to four profit warnings in just over a year, while BASF SE, the world’s biggest chemicals firm, has said slowing markets and trade tensions are hurting earnings.“Over 10% of the shares, excluding key holders, are shorted at present, which suggests that many investors also expect a profit warning and associated poor quarterly results,” Georges, the Societe Generale analyst wrote in a research note published Monday.Thyssenkrupp in May shelved a plan to break itself up into a steel and materials-trading company and a separate engineering unit comprised of its elevator, plant-building and automotive operations. Kerkhoff instead plans a listing of the firm’s prized elevator unit and is considering strategic options for the remaining engineering operations.Since then, Finnish elevator maker Kone Oyj, private equity firms including Bain Capital, KKR & Co., and Advent International, as well as other investors, have contacted Thyssenkrupp about a potential acquisition of all or parts of the elevator unit, people familiar with the matter said. Thyssenkrupp is poised to open a data room for potential buyers in September, they added, asking not to be identified by name as the matter is private.Kone is working on an offer. The Finnish company is considering several plans, including one that would that would divest combined elevator operations with revenue of more than 1 billion euros ($1.1 billion) to create another strong competitor and thereby allay antitrust concerns, some of the people said.Japan’s Hitachi Ltd. is deemed an appropriate buyer for Thyssenkrupp’s elevator unit but also for snapping up parts that Kone is considering divesting, people familiar with the matter said. A Kone spokeswoman declined to comment.Additionally, private equity firms have signaled interest in Thyssenkrupp’s components-technology unit that makes advanced products for the automotive and machinery sectors, some of the people said.(Adds quote from analyst, updates share price.)\--With assistance from Kati Pohjanpalo.To contact the reporters on this story: William Wilkes in Frankfurt at firstname.lastname@example.org;Eyk Henning in Frankfurt at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, Iain RogersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
ThyssenKrupp plans to develop an Indian procurement centre as a supply hub for its engineering business in its push to turn around the loss-making division. The engineering business, which makes turnkey plants for the chemical, fertilizer, cement and mining industries, contributes up to 9% of the elevators-to-submarine group's net sales, but has been mired in losses due to a weak global environment. "Our target is to achieve the needed turnaround next year," Marcel Fasswald, chief executive of ThyssenKrupp Industrial Solutions, told Reuters in an interview in Mumbai.
German submarines-to-elevators conglomerate Thyssenkrupp said on Tuesday that it planned to drastically cut its carbon dioxide emissions over the next decade, banking on more efficient ways to produce steel, one of its trademark products. "We want to cut our emissions by 30% by 2030 across the entire business," Chief Technology Officer Reinhold Achatz told Reuters. Thyssenkrupp, Europe's second largest steelmaker after ArcelorMittal , produces 20 million tonnes of CO2 a year, equivalent to a 2.6 gigawatt power plant running on lignite, or brown coal, the dirtiest generation technology.
Irish cement maker CRH needs to press ahead with extensive structural improvements, activist shareholder Cevian told Reuters, adding that the company could double in value in the next three to five years if it does so. CRH has been on a $10 billion acquisition spree over the past four years, accumulating a complicated structure, but has now begun shedding some assets and put its $2.3 billion European distribution arm up for strategic review. U.S.-based peers Eagle Materials and Summit Materials have both attracted activist attention this year, and Cevian, Europe's biggest activist shareholder, disclosed its almost 3% stake in CRH in February.
Powerful labour leaders at Thyssenkrupp have called on the group's management to come up with a clear strategy for its steel unit, which will remain part of the conglomerate after a failed attempt to merge it with Tata Steel . Thyssenkrupp's steel unit has come under pressure due to falling prices and high raw material costs and faces 2,000 job cuts, the same level of layoffs that would have been carried out under the previous merger plans with Tata Steel. Thyssenkrupp Steel Europe's second-quarter adjusted operating profit plunged 81% to 37 million euros (33 million pounds).
* European shares up 0.2% * Bayer rallies, Elliott welcomes steps to address litigation * Earnings in focus: H&M, Chr Hansen * US, China agree tentative trade truce before G20 - SCMP * Tech boost helps Wall Street open higher Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. The disclosure came as the company outlined plans to tackle its multi-billion dollar lawsuits linked to glyphosate.
* European shares slide 0.1% after opening higher * STOXX 600 set for a 5-day losing streak * Bayer rallies, Elliott welcomes steps to address litigation * Earnings in focus: H&M, Chr Hansen * US, China agree tentative trade truce before G20 - SCMP Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. "Beijing is insisting that the U.S. remove its ban on the sale of U.S. technology to Chinese telecommunications giant Huawei Technologies Co. Beijing also wants the U.S. to lift all punitive tariffs and drop efforts to get China to buy even more U.S. exports," the report said citing Chinese officials with knowledge of the plan. Traders say adding to worries was a tweet by the editor in chief of China's Global Times: "Two days before meeting President Xi, @realDonaldTrump claimed to have Plan B and threatened new tariffs.
* US, China agree tentative trade truce before G20 - SCMP Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. European shares are off to a positive start with the STOXX 600 snapping a four-day losing streak following gains in Asia on the back of a report in the South China Morning Post which bolstered hopes of a trade truce between China and the U.S. just before their leaders meet at this weekend's G20.