Thyssenkrupp: A Canadian Submarine Race, a Four-Hour Walkout and Two Buy Calls at Softer Targets
Published on 11/04/2026 at 07:01 | Editorial boerse-global.de
Thyssenkrupp shareholders have two very different storylines to track this week. One runs through a shipyard bidding contest on the other side of the Atlantic; the other played out over four hours at a components plant in Saxony-Anhalt.
At Thyssenkrupp Presta Schönebeck, roughly 160 employees on the early shift downed tools for four hours, according to a report in the Volksstimme. The stoppage is tied to the wage round in the German metal and electrical industry. It concerns one shift at one site, and nothing in it points to a group-wide interruption of operations — nor does its duration support any firm conclusion about the financial impact on the parent company.
Keeping those threads apart matters. The pay dispute is about working conditions; the strategic news flow is about the future shape of the group. Today's walkout is no evidence that the announced restructuring has shifted course. A limited work stoppage is an operating event; preparing a possible spinoff is a question of long-term corporate architecture. Both belong in an investor's picture, but they should not be welded into a single cause-and-effect narrative.
Canada as the concrete prize
On the naval side, TKMS — the submarine unit Thyssenkrupp separated and listed in October 2025 — was picked in July as preferred bidder for Canada's programme, which covers up to 12 submarines. That selection is the reported state of the procedure. According to the Korea Herald, a figure described the race between TKMS and Hanwha Ocean as very tight.
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Thyssenkrupp has not fully exited the TKMS stake, so progress on the Canadian file remains relevant to shareholders of the parent, not just to TKMS's own investors. The same executive expected closer cooperation in the coming years between German, European and South Korean companies, though no specific partnerships were named. That is a possible direction for industrial collaboration rather than an agreed joint project.
Steel next, with no date attached
The group intends to become a financial holding by 2030. TKMS was spun off and listed in October 2025; TK Accelis followed a little over a week ago. In both cases Thyssenkrupp retained 51% and passed 49% to its shareholders — a template that pairs an independent listing for each participation with a continuing majority for the parent.
Steel is next in line for independence, though no fixed timetable exists. Thyssenkrupp favours a capital-markets transaction over a sale. CEO Miguel López said on 28 October, according to Reuters, that the division was being prepared as the next possible spin-off and that a sale was not planned for now; attempts at cooperation with partners had come to nothing. That makes the separation a prepared option, not a completed step — the difference between strategic intent and execution.
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Analysts trim, ratings hold
Alongside the structural work, analysts have lowered their valuation marks without abandoning their positive recommendations. Deutsche Bank Research cut its price target to EUR 17 from EUR 18 on Thursday and kept its "Buy" rating. DZ Bank lowered its fair value to EUR 15 from EUR 16 the same day, retaining its "Kaufen" verdict. Both houses pulled back their valuation approaches while leaving the investment case intact — neither a downgrade of the recommendation nor an unchanged view of the upside.
For investors, the pieces sit at different stages of completion. TKMS is already listed and holds preferred-bidder status in Canada. Steel is still waiting on its intended independence. LĂłpez's remarks mark no new milestone in the overhaul, but they sharpen where the emphasis lies on the road to a financial holding: the operating performance of the majority-held participations and delivery of the next step in steel. The Canadian opportunity is concrete; broader international cooperation remains an expectation.
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