German steel and industrial conglomerate Thyssenkrupp has approved the spin-off of its materials trading unit, tk Achelis, at an extraordinary general meeting. The company will separate 49 percent of the division, while Thyssenkrupp will retain the remaining majority stake. Following the split, tk Achelis could list separately at the end of October. The division operates in 30 countries, employs around 15,500 people, and posted revenue of 11.4 billion euros in the most recent fiscal year, with a potential enterprise value of around 3.6 billion euros. The vote passed with 99.99 percent approval, but major shareholder and asset manager DWS abstained, criticizing plans for Thyssenkrupp to retain significant control after the separate listing.
thyssenkrupp AGShareholders approved spin-off of materials division, enabling separate listing and unlocking value.
