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Report: ThyssenKrupp to keep 30% Industrials stake in spinoff

Thyssenkrupp AG is looking to retain about a 30% stake in the capital goods business it plans to spin off, Reuters reported Oct. 4, citing Tekin Nasikkol, head of the works council at thyssenkrupp Steel Europe and a member of thyssenkrupp's supervisory board.

Under the proposed plan, thyssenkrupp shareholders will own a majority of thyssenkrupp Industrials, comprising the elevator, automotive supplier and core plant construction units. Thyssenkrupp Materials will be the new iteration of the parent company and will keep a minority stake.

Thyssenkrupp will retain its materials and steel-related activities and aims to sell the thyssenkrupp Industrials stake once shareholders approve the deal, which is expected in the next 12 to 18 months.

The move could give Finnish elevator group Kone an opportunity for a deal, according to the report.

ThyssenKrupp CEO Guido Kerkhoff had reviewed alternatives to the split, including a partial listing or merger of its elevator unit, and said a merger would be "an amputation of healthy parts that leave the remaining group in a weaker position."