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MarketScreener Homepage  >  Equities  >  Xetra  >  ThyssenKrupp    TKA   DE0007500001

THYSSENKRUPP (TKA)
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Thyssenkrupp : Reaches Settlement With Employees on Tata Merger

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12/22/2017 | 08:16am CEST

By Alberto Delclaux

Thyssenkrupp AG (>> thyssenKrupp) said late Thursday that it reached a collective agreement with trade union IG Metall on the planned merger of its European steel business with Tata Steel Ltd. (500470.BY), applying to all of Thyssenkrupp's German steel sites.

The settlement "assures the continuation of employment until Sept. 30, 2026," the German company said, adding that the 2,000 job cuts that it announced previously will be carried out in a manner that is socially responsible.

Activity in the majority of sites will also be assured until Sept. 30, 2026, Thyssenkrupp said, although it will review three plants in 2020 to decide whether they will keep operating.

Thyssenkrupp will hold an interest in the future joint venture for at least six years, but said that it doesn't rule out an initial public offering in the period.

The collective agreement, which IG Metall's collective-bargaining committee recommends their members accept, will be put to a vote in January.

Thyssenkrupp also said that it aims to sign the merger agreement in early 2018 and expects to close the deal by the end of 2018, once it receives regulatory approval.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

Stocks mentioned in the article : thyssenKrupp
Stocks mentioned in the article
ChangeLast1st jan.
TATA STEEL -8.74% 105.95 End-of-day quote.-18.20%
THYSSENKRUPP 0.75% 20.28 Delayed Quote.-17.47%
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Financials (€)
Sales 2018 41 453 M
EBIT 2018 1 741 M
Net income 2018 772 M
Debt 2018 5 353 M
Yield 2018 0,93%
P/E ratio 2018 18,49
P/E ratio 2019 13,18
EV / Sales 2018 0,43x
EV / Sales 2019 0,45x
Capitalization 12 497 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 26,7 €
Spread / Average Target 33%
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Managers
NameTitle
Guido Kerkhoff Chief Executive & Financial Officer
Bernhard Pellens Chairman
Martin Holz Chief Information Officer
Wilhelm Segerath Member-Supervisory Board
Susanne Herberger Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
THYSSENKRUPP-17.47%14 437
ARCELORMITTAL-9.50%28 995
POSCO--.--%20 566
NUCOR-4.36%19 237
NIPPON STEEL & SUMITOMO METAL CORP-23.74%18 641
NOVOLIPETSK STEEL PAO--.--%14 975