Thyssenkrupp has started a structured process to look for potential buyers of al...
Sources had told Reuters last week that Thyssenkrupp had launched a formal auction process in addition to plans for an initial public offering , adding chief executive Guido Kerkhoff might be forced to sell the whole unit.Interested parties are expected to respond to the letters within two weeks, the people said. One person said that Thyssenkrupp was seeking to keep a stake of more than 25% in the unit and expected to sign a deal by year-end.
Shares in the group, which are expected to be excluded from Germany’s benchmark index this month, rose as much as 5.5% on the news and were up 3.5% at 1556 GMT. Thyssenkrupp, suffering from four profit warnings and two botched restructuring attempts, is under pressure to rake in fresh cash due to a weakened balance sheet that has come under pressure following recent rating downgrades by S&P and Moody’s.They added that strategic players were likely to offer a higher price due to expected synergies, while possible antitrust issues may complicate a deal.
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