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InvestmentsThyssenkrupp to seek steel spin-off in 2023 -report By Reuters

Thyssenkrupp to seek steel spin-off in 2023 -report By Reuters

© Reuters. FILE PHOTO: General view of the ThyssenKrupp Steel Europe plant in Duisburg, Germany, January 7, 2020. REUTERS/Leon Kuegeler

BERLIN (Reuters) – Thyssenkrupp (DE:) Chief Executive Martina Merz needs to get the group’s shareholders to vote on a spin-off of the steel division at its annual normal assembly in February 2023, Manager Magazine reported on Wednesday.

Thyssenkrupp declined to remark.

The journal mentioned Merz’s plan is to give away all of the shares aside from a minimal shareholding to current shareholders, with the conglomerate giving the division financing that’s under its estimated pension burden of three.5 billion euros ($3.95 billion).

That might gas a battle with the IG Metall commerce union and the works council, the journal mentioned.

In March, Merz mentioned the steel unit should reduce prices to attain some extent the place it not wants monetary help from the group.

Thyssenkrupp in February terminated sale talks for the unit and mentioned it should now develop the enterprise by itself, which might outcome in an inventory or a partnership.

($1 = 0.8854 euros)

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