Elliott confirms ThyssenKrupp stake, sees scope for 'operational improvement'
Elliott Management has confirmed that it is a "significant shareholder" in ThyssenKrupp [ETR:TKA]. However, the activist said its stake does not exceed 3%, "the thresholds mandating disclosure under applicable German laws". The investment comes at a time when the company's planned joint venture with Tata Steel is under the scrutiny of activist investor and 18% shareholder Cevian Capital.
Further to recent media speculation, funds advised by Elliott Advisors (UK) Limited (“Elliott”) confirm that they are significant shareholders in thyssenkrupp AG (“thyssenkrupp” or the “Company”). The funds’ position in ordinary shares is such that it does not exceed, as of today, the thresholds mandating disclosure under applicable German laws. Elliott will make any disclosure regarding its holdings in the shares of thyssenkrupp no later than when and as required by German law.
Elliott’s approach to its investment in thyssenkrupp is consistent with its approach to all its investments. Elliott has spent significant time and resources analysing the Company, performing exhaustive research on its prospects, competitive positioning and valuation. Elliott believes thyssenkrupp has significant scope for operational improvement which would benefit all stakeholders and looks forward to engaging in a constructive dialogue with them in the near future, including with the supervisory and management boards.
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