Thyssenkrupp Plans to Spin Off, List Elevator Unit

   By Nathan Allen

Thyssenkrupp AG (TKA.XE) has abandoned plans to split itself into two separate companies and will spin off and list its elevator unit, the company said Friday.

The company said the separation as initially planned wasn't feasible given the economic downturn and the current capital-market environment.

Thyssenkrupp also said it expects the European Commission to block a proposed merger of its European steel business with that of Tata Steel Ltd. (500470.BY).

Instead, Thyssenkrupp will reintegrate the business back into the group in the third quarter of its fiscal year and won't book the expected capital gains from the merger.

The company said it now expects to post a net loss for the 2019 fiscal year and forecasts adjusted earnings before interest and taxes of between 1.1 billion euros and 1.2 billion euros ($1.23 billion to $1.34 billion).

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

(END) Dow Jones Newswires

May 10, 2019 06:05 ET (10:05 GMT)

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