Thyssenkrupp Presses Ahead with Overhaul: Spin-Off Cleared, Hungarian Unit Slimmed Down, AST Stake Sold
Published on 06/21/2026 at 16:14 | Redaktion boerse-global.de
Thyssenkrupp’s break-up strategy is gathering pace. The supervisory board on June 16 gave the green light to spin off the materials and services division, tk accelis, with a listing on the Frankfurt Stock Exchange planned for later this year. Under the plan, 49% of tk accelis will be distributed to existing shareholders on a pro-rata basis, while the parent retains a controlling stake — meaning the business will remain fully consolidated. The move is the centrepiece of the ACES 2030 strategy, which aims to turn Thyssenkrupp into a financial holding that bundles autonomous operating units, reducing the conglomerate discount and giving each division greater market visibility. A formal shareholder vote is scheduled for an extraordinary general meeting in August.
CEO Miguel Lopez is simultaneously cutting costs and shedding non-core assets. Thyssenkrupp’s Automotive Technology division is restructuring its Hungarian operations: around 200 jobs in development-related functions are expected to be cut, while roughly 60 new positions in global support roles will be created at a Budapest hub. A new international test centre for springs and stabilisers is also being built in Debrecen, a response to shifting customer demands and persistent cost pressure. Separately, the group has completed the sale of its remaining 15% stake in Italian stainless steel producer Acciai Speciali Terni (AST) to joint-venture partner Arvedi, generating proceeds in the high double-digit millions. Lopez is steadily moulding the conglomerate into the financial holding he envisions.
Investors, however, have not rewarded the progress this week. Thyssenkrupp shares ended Friday at €10.51, down 1.08% on the day and 7.49% lower over the past five sessions — a textbook “sell-on-good-news” reaction. Eight of the last ten trading days have closed in the red. Despite the weekly decline, the stock is still up 8.61% year-to-date and 22.64% over the past twelve months. It has recovered roughly 48% from the 52-week low of €7.10, but remains about 20% below the year’s high of €13.24. The 14-day relative strength index stands at 44, indicating neither overbought nor strong buying momentum, while the annualised 30-day volatility of 41.73% underscores the stock’s persistent choppiness.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
Analysts are broadly constructive. The consensus price target is €12.61, with a range from €9 to €15, and five out of six analysts rate the shares a buy. A key long-term catalyst is the Marine Systems business, which is repositioning itself for future European defence alliances following the collapse of the Franco-German FCAS fighter programme. The August shareholder vote will provide a crucial gauge of investor support for Lopez’s turnaround narrative, with near-term price action likely to be driven by news flow around the tk accelis listing.
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