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5/21, 7:03 PM (Source: TeleTrader)
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ThyssenKrupp adopts restructuring, IPO plan

The Supervisory Board of ThyssenKrupp AG announced it unanimously passed the plan for "a fundamental realignment" including the proposition for a stock market listing of the elevator division. According to the update released on Tuesday, a schedule was also adopted and the steel titan would reveal it in the next quarterly report, set to be published on August 8.

"We have agreed that the executive board will now work out the concrete plans and begin the implementation," said Martina Merz, chairwoman of the supervisory board. She claimed the plan suits employees, customers and shareholders alike.

Chief executive Guido Kerkhof stressed the focus is on economic success. The initial public offering is aimed at boosting the capital base, he stated and vowed for the portfolio to be "flexible" and added: "Together with codetermination in the steel business, we will quickly begin talks on how to make steel sustainably successful."

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