Thyssenkrupp materials division TK Accelis to go public

Shareholders of Thyssenkrupp AG have overwhelmingly approved the plan to spin off its materials division, TK Accelis, and list it on the stock exchange. The decision, made at an extraordinary general meeting, was met with near-unanimous support, with 99.99 percent of votes cast in favor.

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It is the right, consistent next step in the restructuring of the Thyssenkrupp Group.

Marc Tüngler of the German Association for the Protection of Securities (DSW) called the move the "right, consistent next step" in Thyssenkrupp's restructuring into a financial holding company. He noted that direct participation for existing Thyssenkrupp shareholders is "shareholder-friendly" and offers opportunities for independent valuation of the stock. Tüngler described TK Accelis's business as "solid and robust," endorsing the path forward. Daniel Voss of the Schutzgemeinschaft der Kapitalanleger echoed this sentiment, stating, "This is the right way."

However, Philipp Weinmann from asset manager DWS raised concerns about the parent company's continued significant influence over the supervisory boards of the newly independent entity. He argued that if the supervisory board remains largely dominated by the parent company, it cannot be considered a truly convincing separation. Weinmann's critique suggests potential governance challenges despite the strategic logic of the spinoff.

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As an independent company, TK Accelis can invest faster, pursue market opportunities more decisively, and implement its growth strategy under its own power.

Thyssenkrupp CEO Miguel López highlighted the benefits of TK Accelis operating independently, stating it can "invest faster, pursue market opportunities more decisively, and implement its growth strategy under its own power." This separation is part of a broader strategy to transform Thyssenkrupp AG into a financial holding company overseeing several independent businesses, including shipbuilding (TKMS, already listed), materials (TK Accelis), steel, auto parts, and green technologies. TK Accelis, formerly known as Materials Services, generated 11.4 billion euros in revenue in fiscal year 24/25 and employs approximately 15,300 people worldwide.

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The logic of the separation is understandable, but there is too much influence from the parent company on the supervisory boards of the new company.