Equities

Reuters reveals Thyssenkrupp to consider partial listing of elevators business, abandons split; market reacts

Reuters reveals Thyssenkrupp to consider partial listing of elevators business, abandons split; market reacts

Reuters was first to report that German steel-to-submarines conglomerate Thyssenkrupp plans to list its elevators business and had abandoned a blueprint to break itself up. Following the Reuters report, Thyssenkrupp stock jumped 10% in early trading and shares in the blue-chip stock rose further to peak at 26% higher after the company confirmed the report with its own regulatory disclosure. The company’s release confirmed details which Reuters revealed first: Thyssenkrupp’s plans to list the elevators unit, that Thyssenkrupp would adopt a “holding” company structure, and that Thyssenkrupp would abandon a planned joint venture with Tata Steel as well as earlier breakup plans involving a cross-shareholding.