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4-Traders Homepage  >  Equities  >  Xetra  >  ThyssenKrupp    TKA   DE0007500001

THYSSENKRUPP (TKA)
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Thyssenkrupp : Reaches Settlement With Employees on Tata Merger

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12/22/2017 | 08:16am CEST

By Alberto Delclaux

Thyssenkrupp AG (>> thyssenKrupp) said late Thursday that it reached a collective agreement with trade union IG Metall on the planned merger of its European steel business with Tata Steel Ltd. (500470.BY), applying to all of Thyssenkrupp's German steel sites.

The settlement "assures the continuation of employment until Sept. 30, 2026," the German company said, adding that the 2,000 job cuts that it announced previously will be carried out in a manner that is socially responsible.

Activity in the majority of sites will also be assured until Sept. 30, 2026, Thyssenkrupp said, although it will review three plants in 2020 to decide whether they will keep operating.

Thyssenkrupp will hold an interest in the future joint venture for at least six years, but said that it doesn't rule out an initial public offering in the period.

The collective agreement, which IG Metall's collective-bargaining committee recommends their members accept, will be put to a vote in January.

Thyssenkrupp also said that it aims to sign the merger agreement in early 2018 and expects to close the deal by the end of 2018, once it receives regulatory approval.

Write to Alberto Delclaux at [email protected]

Stocks mentioned in the article : thyssenKrupp
Stocks mentioned in the article
ChangeLast1st jan.
TATA STEEL -0.91% 600 End-of-day quote.-13.85%
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Financials (€)
Sales 2018 42 173 M
EBIT 2018 1 989 M
Net income 2018 871 M
Debt 2018 2 556 M
Yield 2018 1,07%
P/E ratio 2018 15,78
P/E ratio 2019 12,25
EV / Sales 2018 0,39x
EV / Sales 2019 0,39x
Capitalization 14 075 M
Chart THYSSENKRUPP
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thyssenKrupp Technical Analysis Chart | TKA | DE0007500001 | 4-Traders
Technical analysis trends THYSSENKRUPP
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 28,4 €
Spread / Average Target 25%
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Managers
NameTitle
Heinrich Hiesinger Chief Executive Officer
Ulrich Lehner Chairman-Supervisory Board
Guido Kerkhoff Chief Financial Officer
Martin Holz Chief Information Officer
Bernhard Pellens Independent Member-Supervisory Board
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