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German state premier backs Thyssenkrupp chairman, opposes company's breakup

The Krupp foundation will meet on Friday and Knut Giesler, the regional leader of the IG Metall industrial union, said it would be vital for it to back a "sustainable" strategy for ThyssenKrupp

Reuters  |  Duesseldorf, Germany 

The premier of the German state where ThyssenKrupp is based on Thursday backed the company's chairman in opposing a breakup of the industrial conglomerate following the resignation of CEO Heinrich Hiesinger. Cevian, ThyssenKrupp's second-largest shareholder with an 18-per cent stake, has demanded a review of all of ThyssenKrupp's business areas, saying each might thrive better in a different set-up. Fellow investor Elliott has also called for a radical overhaul amid broad discontent over strategy. "We want long-term development, not short-term profits," ...

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First Published: Fri, July 13 2018. 06:41 IST