(AOF) – Thyssenkrupp sells more than 6% to 10.59 euros in Frankfurt. The German industrial conglomerate is penalized by the partial withdrawal of the Swedish fund Cevian from its capital. The fund will reduce its stake in the German steel giant from 15% to 7.9%. To do this, it will sell 43 million shares at a very discounted price. According to Reuters, Cevian would offer them at a price of between 10.20 euros and 11.29 euros per unit, which represents a discount of up to 9.65% compared to the closing price on Monday evening (11.29 euros).
According to a trader quoted by the news agency, this sale constitutes a “bad surprise”, judging that the activist fund “seems to abandon” Thyssenkrupp.
However, the group, heavily affected by the crises of 2008 and 2010, seems to be raising its head.
Last week, the German flagship announced its goal of more than doubling its operating profit in the current fiscal year thanks to the economic recovery and a turnaround that will likely include a listing of its hydrogen division.
Adjusted profit before interest and taxes is expected to be between 1.5 billion and 1.8 billion euros in fiscal year 2021-2022, compared to 796 million a year earlier.
This morning, before information about Cevian became known, AlphaValue had confirmed its Buy recommendation on the stock, stressing that the turnaround was underway. Deutsche Bank, for its part, confirmed the value in its list of preferred stocks in the European steel sector.
Reacting to Cevian’s announcement, Barclays for its part confirmed its recommendation to Underweight the share and its price target of 9.8 euros.
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