Thyssenkrupp Rises as Japanese Bidders Circle TK Elevator's European Arm

Thyssenkrupp stock gains as Mitsubishi Electric and EQT-backed Fujitec weigh offers for TK Elevator's European arm, valued at about EUR 5 billion.

Japanese industrial names are circling the European operations of TK Elevator, and Thyssenkrupp shareholders are treating the news as a proxy bet on their own stake in the former subsidiary. The Essen-based conglomerate's stock climbed 2.1% to EUR 14.04, building on a year-to-date advance of 51%, as reports surfaced that Mitsubishi Electric and Fujitec — the latter backed by private equity house EQT — are weighing offers for the European business.

Bloomberg, citing people familiar with the matter, put the potential value of the package at roughly EUR 5 billion or more. The sale process stems from antitrust requirements attached to Kone's takeover of TK Elevator, announced in April 2026, which still needs regulatory clearance before it can close. Divesting the European arm is one way to address competition concerns.

A Stake That Still Matters

Thyssenkrupp no longer runs the elevator business, but it never fully let go. The group sold a majority stake to financial investors Advent and Cinven in 2020 for EUR 17.2 billion and retains a minority holding — reported at 16.2% — in TK Elevator. That residual position is why the bidding chatter carries weight in Essen: a lucrative disposal ahead of Kone's completion could crystallize value for the stake Thyssenkrupp still owns.

Analysts are not of one mind on what that is worth to the equity story. Deutsche Bank reiterated its buy rating with an EUR 18 price target, while JPMorgan stayed at neutral with a EUR 15 target.

Portfolio Surgery on Several Fronts

The elevator speculation lands in the middle of a broader overhaul. Management is targeting October 28 for the spin-off and separate listing of 49% of tk accelis, the materials trading division. Thyssenkrupp declined to confirm the specific date, saying only that a listing is still planned for 2026.

Automotive Technology is being reshaped as well. Roughly a week ago the company announced a restructuring of the chassis business, a move that has since shaved 3.3% off the share price. Between 160 and 180 jobs are to go at the Essen and Ennepetal sites, though damper production in Ennepetal is unaffected. The new structure takes effect on January 1, 2027.

Steel Sets the Bar

Attention has also fixed on the steel division since its Capital Market Day about a week ago, after which the stock gave back 4.1%. Management there laid out medium-term goals of at least EUR 1.2 billion in adjusted EBITDA, an adjusted EBITDA margin of at least 11%, and positive free cash flow. The unit also reported that 4,000 of roughly 11,000 targeted positions have so far been cut or outsourced under its restructuring program.

The share changed hands at EUR 13.86 at one point during the session, up 0.8% from the previous close of EUR 13.74, before extending its gain as the Japanese interest in TK Elevator's European assets kept buyers engaged.