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BREAKING NEWS

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

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 -
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Thilo Schmuelgen(Reuters)
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FRANKFURT (Reuters) - Thyssenkrupp is considering a carve-out or listing of its elevators business after abandoning plans to split itself up with a cross-shareholding structure, three sources familiar with the matter told Reuters on Friday.

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 is instead considering a new approach, involving a holding structure and a carve-out or partial listing of its elevators division, they added.

Thyssenkrupp unveiled plans last September to create two divisions: Thyssenkrupp Industrials, which includes its elevators, car parts and plant engineering businesses, and Thyssenkrupp Materials, which included materials trading and shipbuilding.

(Reporting by Edward Taylor, Chris Steitz, Tom Kaeckenhoff; Editing by Georgina Prodhan and Douglas Busvine)

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