FRANKFURT/DUESSELDORF (Reuters) – Thyssenkrupp raised almost 1.4 billion euros ($1.7 billion) in a share placing on Tuesday to help fund the industrial goods businesses that will stay with the firm after the planned merger of its steel operations with Tata Steel next year.
The German steel-to-elevators group needs to strengthen its balance sheet, part of the motivation for the planned merger which is unlikely to be completed before late 2018.
We will use that time to strengthen our industrial goods businesses right away, said Chief Executive Heinrich Hiesinger. Thyssenkrupp makes everything from car components, ships and industrial plants to elevators and submarines.
Activist investor Cevian, the firms second-largest shareholder, took…
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