Thyssenkrupp shareholders vote on materials unit spinoff

Thyssenkrupp shareholders are set to vote on Friday on a proposal to spin off a minority stake in the group's materials trading division, the company's largest by revenue. The move is the latest step in the German industrial conglomerate's efforts to streamline its sprawling business structure.

The plan involves listing 49% of tk accelis, which wholesales raw materials such as steel and alloys and operates storage warehouses. The business serves major clients including Airbus, BP, Tesla, and Volkswagen. If approved, the unit could be listed separately by the end of October, with Thyssenkrupp retaining a majority stake.

The spinoff follows similar restructuring moves in recent years, including separate listings of the group's hydrogen and defence divisions. The extraordinary general meeting will be held later on Friday to decide on the proposal.

Analysts at Jefferies estimate that tk accelis, which employs around 15,500 people across 30 countries and generated sales of €11.4 billion in the last fiscal year, could achieve an enterprise value of roughly €3.6 billion.

At a capital markets day last month, the unit said it was targeting an adjusted EBITDA margin of 4-5%, up from 2.0% in the 2024/2025 fiscal year. The company has also indicated it is exploring acquisitions in North America, particularly in the fragmented precious metals market there.