October 17, 2013 / 11:28 AM / in 4 years

Cevian aims to raise ThyssenKrupp stake to 10 percent: report

FRANKFURT (Reuters) - Activist investor Cevian aims to further raise its stake in ThyssenKrupp (TKAG.DE) to 10 percent by the end of the year and claim a seat on the German steelmaker’s supervisory board, a German magazine reported.

Cevian could fill one of the three supervisory board seats currently occupied by the Krupp Foundation, ThyssenKrupp’s biggest shareholder, Manager Magazin cited financial sources as saying in an excerpt of an article to be published on Friday.

    ThyssenKrupp and Sweden-based Cevian declined to comment on the report.

    Cevian raised its stake in ThyssenKrupp to 5.2 percent from less than 3 percent last month in a move that was welcomed by the steelmaker’s chief executive, who is trying to refocus the loss-making firm on more profitable businesses.

    Cevian said at the time it may further increase its stake in ThyssenKrupp and has bought more shares to raise its holding to 6.1 percent.

    Reporting by Tom Kaeckenhoff and Maria Sheahan; Editing by Angus MacSwan

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