Cevian places 6.9% stake in Thyssenkrupp
© Reuters. FILE PHOTO: The logo of German steelmaker ThyssenKrupp AG is seen on an escalator at Frankfurt’s main railways station in Frankfurt, Germany, January 23, 2020. REUTERS/Wolfgang Rattay
FRANKFURT (Reuters) – Cevian is placing a 6.9% stake in Germany’s Thyssenkrupp (DE:), Refinitiv news service IFR reported on Monday, as the Swedish activist fund is reducing its holdings following a recent share price recovery.
The offering of about 43 million shares, run by UBS, launched with price guidance of 10.20-11.29 euros per share, which could result in proceeds of 439 million to 485 million euros ($493 million-$545 million), IFR said.
Thyssenkrupp shares, which have gained 39% year-to-date, closed at 11.29 euros on Monday.
Cevian disclosed investments in Thyssenkrupp in 2013 and 2014. While it did not disclose at what price, shares in the German conglomerate traded around 17-19 euros at the time, indicating the fund is taking a loss in the current placement.
Frankfurt-listed shares in Thyssenkrupp fell 2.6% in late trading after the news.
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