IPO: 20 Thyssenkrupp shares for one TKMS share

The timetable for the spin-off of Germany's largest naval shipbuilder, TKMS, from the industrial group Thyssenkrupp has been finalized. The IPO on the Frankfurt Stock Exchange is scheduled for October 20, the parent company announced in Essen. The financial regulator BaFin has given the green light for the move.

Thyssenkrupp shareholders approved the spin-off of the Thyssenkrupp Marine Systems division at an extraordinary general meeting in early August. As part of the spin-off, they will now automatically receive one TKMS share for every 20 Thyssenkrupp shares on the first day of trading. Allocation will take place on October 17. "All those holding Thyssenkrupp AG shares on that day will automatically have the corresponding TKMS shares booked through the depository bank," the company stated.

Thyssenkrupp AG retains a 51 percent majority stake in TKMS

TKMS continues to be part of the group: Thyssenkrupp AG remains the strategic majority shareholder with a 51 percent stake through a new holding company.

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In a statement, Thyssenkrupp CEO Miguel López spoke of a "new chapter" for the group. "We are enabling growth prospects and capital market access for TKMS while simultaneously creating value for our shareholders." They will participate directly in the success of two companies – Thyssenkrupp AG and TKMS.

TKMS is the world market leader for non-nuclear submarines

TKMS claims to be the global market leader for non-nuclear submarines, but also builds frigates and corvettes. The company employs approximately 8,300 people. Its shipyards are located in Kiel, Wismar, and Itajaí in Brazil. TKMS also operates sites in Hamburg, Bremen, and Emden, among others. Its CEO is former Thyssenkrupp Labor Director Oliver Burkhard.

The spin-off of the marine division is part of a corporate restructuring planned for the coming years at Thyssenkrupp. "The goal is to develop Thyssenkrupp AG into a financial holding company that continues to hold investments in strong, independent companies under its umbrella," it said.

dpa/ms

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