Thyssenkrupp: Amundi Trims, Norges Bank Builds, and Jindal Eyes 60% of Steel
Published on 10/23/2026 at 12:11 | Editorial boerse-global.de
Amundi lowered its total holding in Thyssenkrupp from 3.24% to 2.96%, a threshold notification filed on Monday. Two days later, Norges Bank — acting for the Norwegian state — disclosed a crossing above the 3% mark, with a total position including instruments of 3.35%. Read side by side, the two filings do not describe an institutional exodus. They describe two institutions moving in opposite directions.
That distinction matters more than it might appear. A voting-rights announcement is a mandatory disclosure, not an investment thesis. Anyone treating every stake movement as a verdict on Thyssenkrupp's restructuring is asking a compliance document to carry weight it was never designed to bear. The Amundi figure covers voting rights and instruments combined, so calling it a straightforward block of shares would be imprecise; equally, the filing offers no motive for the reduction.
A Spinoff With a Date, Not Yet a Track Record
The larger story running beneath these filings is the group's structural overhaul. Under the already-announced carve-out of tk accelis, shareholders will receive one share in the new company for every 20 Thyssenkrupp shares they hold. Thyssenkrupp intends to keep 51% of the entity.
A separate listing and a continuing majority stake will therefore exist side by side. That combination is the point: the spinoff creates a new ownership architecture without amounting to a full exit by the parent. According to the company, first trading in the Prime Standard is scheduled for 28 October 2026, and BaFin has approved the securities prospectus. For shareholders this is a firm date in the process — not evidence of improved operating performance. A new structure can be announced and executed; whether it pays off has to be demonstrated in the business afterwards.
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JPMorgan Lifts Its Target and Keeps Its Distance
JPMorgan drew a similar line on 15 October, raising its price target from EUR 15 to EUR 17 while leaving the rating at "Neutral." A higher calculated value did not translate into greater conviction. Analyst Dominic O'Kane saw limited room for positive earnings surprises ahead of the upcoming quarterly reports, while pointing to possible steel price increases and an expected acceleration in profits, including for 2027. The caveats carry the weight: price increases were a possibility, the stronger earnings momentum an expectation.
Jindal's Two-Stage Steel Play
On the steel side, media reports suggest the companies are weighing a sale in stages. Jindal could initially acquire a majority stake of probably 60%, with the remaining 40% to follow later. The terms may still change.
Here lies the difference between a possible transaction structure and a durable solution. A majority entry would be a significant step, but it is not the same as a complete exit — conflating the two pre-empts the economic success of the second stage. A phased approach could enable an entry without requiring full ownership immediately, which is a genuine merit of the model. For investors, the stake alone is not enough to go on. Just as important would be which obligations remain attached to which ownership share, and how future investment is allocated.
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A sale price that looks attractive would convince little if extensive commitments capped the benefit. Conversely, a clearly defined split of future investment could carry real economic weight. These are yardsticks for a possible agreement, not contract terms already settled. It would be premature to read the ongoing talks as a definitive deleveraging story: the prospect of a change of owner is positive, but it becomes credible only through terms that show the benefit to Thyssenkrupp. An intention is not an economic calculation.
What Actually Settles the Question
The steel talks deserve their own standard of judgment, separate from the spinoff. Ownership percentages are on the table while central economic conditions remain under review and possible negotiation. Thyssenkrupp plans to publish its 2025/2026 annual report on 8 December. Business figures of that kind will say more about the group than isolated threshold filings ever can. The measure is not which investor sits on which side of a disclosure line — it is whether Thyssenkrupp backs its structural overhaul with convincing results.
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