Key Developments: ThyssenKrupp AG (TKAG.DE)
15.64EUR
11:35am EDT
€0.40 (+2.59%)
€15.03
€15.32
€15.76
€15.19
3,996,593
3,981,029
€19.25
€11.44
Latest Key Developments (Source: Significant Developments)
Moody's Changes Outlook for ThyssenKrupp AG to Negative from Stable-Reuters
Reuters reported that Moody's has changed ThyssenKrupp AG's outlook to negative from stable. At the same time, it affirmed the Company's Baa3 senior unsecured rating. Full Article
Usinas Siderurgicas de Minas Gerais S.A., Gerdau S.A. Will Not Bid On ThyssenKrupp AG's Mill-Reuters
Reuters reported that Brazilian steelmakers Usinas Siderurgicas de Minas Gerais S.A. and Gerdau S.A. said on Monday they would not bid for ThyssenKrupp AG's stake in the CSA steel slab mill outside Rio de Janeiro, amid growing signs that any sale of the $5 billion two-year old plant will be at a loss for its German parent. Full Article
ThyssenKrupp AG Examines Strategic Options for Steel Americas Plants in Brazil and United States-TIJD
Tijd reported that ThyssenKrupp AG is to examine strategic options in all directions for the plants of Steel Americas in Brazil and United States. In 2007 the Company developed the strategy for Steel Americas based on producing slabs at low cost in Brazil and shipping them to the United States. Then they would be sold on the NAFTA target market. In addition to the financial and economic downturn, this strategy has failed. The strategic options in all directions for both plants may involve a partnership or a sale. ThyssenKrupp AG continues the modernization of both plants. Further details were not disclosed. Full Article
ThyssenKrupp AG Confirms Planned Combination of Inoxum with Outokumpu
ThyssenKrupp AG (ThyssenKrupp) announced that that it has confirmed that an agreement in principle has been reached about the combination of Outokumpu and Inoxum, ThyssenKrupp's stainless steel business. The Management Board of ThyssenKrupp AG has already generally approved the transaction. In addition to that, an agreement was reached between the negotiating partners and the employee representatives this morning. The agreement includes rules for site and employment protection. The melt shop in Krefeld will be gradually shut down until the end of 2013. At least until this point in time the strip casting equipment will continue to operate. The melt shop in Bochum will be preserved until the end of 2016. The agreement also generally excludes compulsory redundancies until the end of 2015. All German production sites of Inoxum will be preserved without restrictions at least until 2015. The transaction agreement values Inoxum at an enterprise value of approximately EUR 2.7 billion Under the agreement, ThyssenKrupp would obtain a minority stake in the new company for its transfer of Inoxum. In addition, the consideration would include a significant cash payment from Outokumpu to repay ThyssenKrupp's financial receivables towards Inoxum as well the assumption of third-party financial liabilities and pension liabilities of Inoxum by Outokumpu. Full Article
Outokumpu Oyj and ThyssenKrupp AG Contemplate Possible Merger of Stainless Steel Businesses-Reuters
Reuters reported that Outokumpu Oyj announced it has started talks with the German steelmaker ThyssenKrupp AG over a possible merger of the two companies' stainless steel businesses. These discussions are ongoing and there can be no assurance that any transaction will be proposed or consummated, and if so, what the parameters of such a transaction might be. Full Article
ThyssenKrupp AG Terminates Ferrostaal Submarine JV-Reuters
Reuters reported that ThyssenKrupp AG is in the process of terminating its submarine sales joint venture (JV) with Ferrostaal. ThyssenKrupp wanted to exit the joint venture, Marine Force International (MFI), following reports that MFI made questionable payments regarding a deal in South Korea. Ferrostaal's owners, MAN SE and International Petroleum Investment Company are in discussions about the future of the company. Full Article
ThyssenKrupp AG May Sell Ship Yards To British Fund-Reuters
Reuters reported that ThyssenKrupp AG is in talks with British private equity fund Star Capital Partners about a possible sale of its shipbuilding unit Blohm + Voss. Full Article
ThyssenKrupp AG Sells Xervon To Germany's Remondis-Reuters
Reuters reported that ThyssenKrupp AG has agreed to sell service provider Xervon to waste disposal company Remondis as part of a plan to offload EUR10 billion ($14.4 billion) worth of assets to pay down debt. ThyssenKrupp declined to say on how much Remondis was paying for Xervon. It signed the deal on August 19. The company announced its divestment plan in May, saying it planned to hive off its stainless steel unit and sell other non-core businesses. Full Article
ThyssenKrupp AG Sees No Chance For Shipyards Tie-up-Reuters
Reuters reported that ThyssenKrupp AG does not see any prospects of merging its military shipyards with those of French group DCNS. Full Article
ThyssenKrupp AG Appoints Banks For Sale Of Stainless Unit-DJ
Dow Jones reported that ThyssenKrupp AG said it has mandated investment banks Citigroup Inc., Deutsche Bank AG and Rothschild to manage the planned sale of its stainless steel unit Stainless Global. It has also selected a new management team for the division. Full Article
STXNEWS LATAM-CSN still considering purchase of Thyssen's Steel America unit
RIO DE JANEIRO, May 17 - Brazilian steelmaker CSN, or Cia Siderúrgica Nacional SA, is still evaluating the possible purchase of the Steel Americas unit of ThyssenKrupp AG, the company said in a regulatory filing late Friday.
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