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9/27/2018, 4:50 PM (Source: TeleTrader)
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ThyssenKrupp to split into 2 independent companies

ThyssenKrupp AG said on Thursday it will split into two independent companies. The executive board will propose the split to the supervisory board at a meeting on Sunday, the German industrial conglomerate stated.

Earlier, it was reported Europe’s competition commission opened an investigation into the merger of ThyssenKrupp and Tata Steel, the deal that would convert the companies into Europe's second largest steel producer.

Shares of the steel giant soared 12.41% at 4:39 pm CET following the announcement.

Breaking the News / JC