Turmoil At Thyssenkrupp Marks Battle For Germany's Economic Identity

by in.reuters.com posted 1year ago 47 views
By Christoph Steitz, Tom Käckenhoff, Edward Taylor and Arno Schuetze. : FRANKFURT (Reuters) - When Thyssenkrupp CEO Guido Kerkhoff announced plans to list its prized elevators unit last week, he set off a battle for the conglomerate’s future that could test Germany’s brand of “social market” capitalism. Kerkhoff had little choice but to think the unthinkable when the company’s share price sank to a 15-year low on May 8. The plan to take elevators public not only broke with long tradition but marked the abandonment of a turnaround plan he himself had unveiled less than eight months before.

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