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MarketScreener Homepage  >  Equities  >  Xetra  >  ThyssenKrupp    TKA   DE0007500001

THYSSENKRUPP

(TKA)
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Thyssenkrupp : Shares Rise on Elevator-Deal Report

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05/16/2019 | 04:19am EDT

By Nathan Allen

Thyssenkrupp shares traded higher Thursday, extending a prolonged patch of volatility for the German conglomerate, after Reuters reported that Finnish rival Kone is considering a deal for its elevator unit.

The report of Kone's interest comes less than a week after Thyssenkrupp said it wants to spin off and list the unit, which could be valued at around 14 billion euros ($15.68 billion), abandoning previous plans to split the group in two.

Thyssenkrupp's strategic U-turn drove the stock up nearly 30% last Friday, but shares subsequently returned to trade around their prior level amid a slew of analyst downgrades, poor second-quarter results and a general selloff in equities.

Still, at 0754 GMT Thyssenkrupp had regained 3.2% to trade at EUR12.56, after climbing as high as EUR12.92 earlier in the day.

Speculation about some form of tie-up between Kone and Thyssenkrupp has circulated for several years without ever progressing to a concrete offer. German media has reported that Thyssenkrupp's largest shareholder, the Alfried Krupp Foundation, met with Kone shareholder Antti Herlin to discuss a deal as far back as 2016.

The current deliberations are also likely to prove abortive, according to Jefferies analyst Alan Spence. While a listing would provide a quick cash injection to bolster Thyssenkrupp's balance sheet and fund much-needed restructuring, a merger would likely become mired in antitrust proceedings, delaying any potential gains until at least 2021, Mr. Spence said.

Such a deal could produce significant cost savings and the two companies' portfolios are broadly complementary, despite some geographical overlap, the analyst said.

Write to Nathan Allen at nathan.allen@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
KONE -0.16% 51.4 Delayed Quote.23.63%
THYSSENKRUPP -2.49% 11.745 Delayed Quote.-19.59%
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Financials (€)
Sales 2019 38 322 M
EBIT 2019 1 097 M
Net income 2019 562 M
Debt 2019 4 830 M
Yield 2019 1,34%
P/E ratio 2019 29,46
P/E ratio 2020 8,44
EV / Sales 2019 0,32x
EV / Sales 2020 0,30x
Capitalization 7 498 M
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Technical analysis trends THYSSENKRUPP
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TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 15,3 €
Spread / Average Target 27%
EPS Revisions
Managers
NameTitle
Guido Kerkhoff Chief Executive & Financial Officer
Martina Merz Chairman-Supervisory Board
Martin Holz Chief Information Officer
Bernhard Pellens Member-Supervisory Board
Wilhelm Segerath Member-Supervisory Board
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