Thyssenkrupp Plans Elevator IPO and Abandons Original Split
- The shares rose as much as 21%, the biggest gain on record
- Thyssenkrupp’s CEO said he’s considering cutting 6,000 jobs
The Thyssenkrupp Elevator test tower in Rottweill, Germany.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Thyssenkrupp AG announced a dramatic U-turn in corporate strategy, saying it will take its elevator business public and abandon a plan to split in two.
The shares surged the most on record after Chief Executive Officer Guido Kerkhoff said Friday that the new proposal could also lead to the elimination of as many as 6,000 jobs. Kerkhoff’s reversal comes just seven months after he told investors that dividing the company was the best way forward.