Thyssenkrupp Shares Lift on Elevator IPO Media Reports

   By Nathan Allen

Shares in Thyssenkrupp AG (TKA.XE) traded sharply higher Friday morning after Reuters reported the German conglomerate has abandoned plans to split itself in two and is considering a potential listing of its profitable elevator business.

At 0906 GMT shares were trading 9.7% higher at 12.32 euros ($13.80) leading the gainers on Germany's DAX index, which was itself up 1.1%.

In September, Chief Executive Guido Kerkhoff presented a new strategy based on splitting the group's operations into two separate companies--one comprising the materials operations and the other the group's capital-goods businesses.

However, since that time Thyssenkrupp has issued two profit warnings and the company's shares have dropped more than 40%, which has made the plan financially unworkable and forced Mr. Kerkhoff to consider alternatives, according to Reuters.

The company didn't immediately respond to a request for comment.

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

(END) Dow Jones Newswires

May 10, 2019 05:27 ET (09:27 GMT)

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