The German steel group Thyssen Krupp is at a crossroads. Because some of the investors and other players in the market pushing to break the traditional company – the IG Metall wants to prevent that.
After the announced resignation of Thyssen Krupp Supervisory Board Chairman Ulrich Lehner is a suppression of the Dax-group threatens. At least investors in the stock market: for years, rather to himself dümpelnde shares rose on Tuesday temporarily more than eight percent.
“Thyssen Krupp is now at a crossroads,” said Fund Manager Ingo Speich from Union Investment, the Reuters news Agency. The recently retired chief Executive, Heinrich Hiesinger and Lehner are two pillars of the previous strategy had been removed, the last has often been criticised. The two had rejected a smashing.
Lehner justified his resignation, as already Hiesinger, with a lack of support by the major shareholders. Thus the Head of the Krupp-Stiftung, Ursula Gather device, is increasingly under pressure.
“This is psychological terror”
Lehner had attacked in the past week, investors such as Cevian and US hedge Fund Elliott sharp. “We speak not only in the annual General meeting, but in many Meetings with our shareholders. Unfortunately, tread some other way, which could in part be referred to as psycho-terror,” he told the weekly newspaper “die Zeit”. Some activist investors had known that the Manager wanted to get rid of them, would have remained in psychiatric treatment.
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The confidence seems to be there
In his resignation letter, Lehner also brought against the Krupp Foundation, which is 21 per cent, the largest single shareholder. “The confidence of major shareholders and a common understanding on the Supervisory Board on the strategic orientation of Thyssen Krupp were the basis of my work and a prerequisite for my promise to Berthold Beitz, the company in the interest of shareholders, employees and customers to successfully develop,” said Lehner with a view to 2013 late company legend. “This is no longer a given.” The Foundation of the company, but at the same time 2weiterentwickeln.
The investment Bank Jefferies wrote in a market comment that there may well be a profound restructuring of the group with its nearly 160,000 employees. Some investors are committed for a sale of the Elevator business, the cash cow of the company. Thyssen Krupp is also in the steel, auto parts and U-boat business.
The managing Director of the German protection Association for securities ownership, Thomas pike fishing, I was surprised. “It must be submitted to the Supervisory Board worse than we thought,” he told Reuters. Lehner have criticised the Krupp Foundation, the goodbye even harder than it had Hiesinger done. “It seems that the Foundation is moving in the direction of the positions of Cevian and Elliott. The Foundation and women Gather urgently need to make it clear, what is the strategy to go for Thyssen Krupp.”
Speculation about the successor to
The Foundation wanted to speak first, just as little as Cevian or Elliott. Gather had rejected allegations of a lack of support Hiesingers and his successor Guido Kerkhoff says their support. Speculation made the rounds, the 65-year-old Professor strut now, not even to the top of the Supervisory Board, to which she belongs since the beginning of the year.
As a further candidate of the former Hochtief CEO Hans-Peter Keitel and former Deutsche Telekom chief Rene Obermann were traded, which are also members of the Committee. “The new Chairman of the Supervisory Board must be a consensus solution. Anything else would only lead to a new dispute,” said Union Fund Manager save.
“A smashing not allowed.”
The should, however, be difficult. While Cevian and Elliott want to trim the group to return, and the structure is outdated, hold, fear, the workers ‘ representatives, a break-up of the 1999, Thyssen and Krupp merged company, whose roots date back over 200 years.
“It is now the task of the main shareholders, in particular, the Krupp Foundation, the company jointly develop”, said the group works Council chief, Wilhelm Segerath to Reuters. It is a matter of thousands of jobs. According to the steel division, all other areas of the future would have to be built up. “A break-up of the group is not allowed.”