Thyssenkrupp's Materials Arm Clears Final Hurdle as Breakup Machine Grinds On

Thyssenkrupp shareholders approve TK Accelis spin-off with 99.99% vote; materials distributor to list on Frankfurt Stock Exchange, parent retains 51% stake.

The dismantling of Thyssenkrupp passed another milestone on Friday when shareholders voted with near-unanimity — 99.99 percent in favor — to spin off the group's materials distribution business into a separately listed entity. The decision at the extraordinary general meeting paves the way for TK Accelis to make its Frankfurt Stock Exchange debut in the Prime Standard segment, with registration in the commercial register expected around the end of October.

Under the terms of the transaction, existing Thyssenkrupp investors will receive 49 percent of the shares in TK Accelis Group AG & Co. KGaA directly into their portfolios — one share in the new company for every 20 Thyssenkrupp shares held. The parent group retains a controlling 51 percent stake, a structure that drew criticism from asset manager DWS, which voiced concerns on the trading floor about the parent's ongoing influence through the KGaA legal form. The reservations did little to dent the outcome, however, with approval coming through almost unanimously.

A Distribution Heavyweight Prepares for Independence

TK Accelis is no lightweight spin-off. The former Materials Services division generated sales of €11.4 billion in fiscal 2024/25, employs roughly 15,300 people across 400 locations in more than 30 countries, and counts 250,000 customers and 11,000 suppliers among its network. It claims market leadership in European materials trading and ranks third in the United States. The business has been firing on all cylinders lately: second-quarter revenue for fiscal 2025/26 rose 5 percent to €3.2 billion, while EBIT surged 179 percent to €81 million. For the full year 2024/25, adjusted EBIT came in at €132 million.

Management's medium-term targets call for annual revenue growth above 4 percent alongside an adjusted EBITDA margin of 4 to 5 percent. The company has also signaled a first dividend for early 2028 — a gesture aimed at reassuring investors that the newly won independence will translate into financial returns.

What Comes Next on the Agenda

The spin-off marks the third major restructuring step for the Ruhr-based industrial group, following the earlier separations of naval shipbuilder TKMS and hydrogen specialist Thyssenkrupp Nucera. The next chapter is the steel division: a dedicated capital markets day for Thyssenkrupp Steel Europe is scheduled for late September, as the group continues its gradual transformation into a financial holding company.

Before that, investors will get fresh numbers. Thyssenkrupp publishes its nine-month interim report for fiscal 2025/26 on August 13, with CEO Miguel Ángel López Borrego and CFO Dr. Axel Hamann hosting an analyst call from 11:00 a.m. A day earlier, subsidiary Thyssenkrupp Nucera releases its own quarterly figures, and the hydrogen business is likely to face particularly close scrutiny.

Nucera's recent performance offers a mixed picture. Group revenue in the three months through June fell roughly a fifth year-on-year to €145 million — though that represented nearly a tripling from the weak prior quarter. The operating loss narrowed sharply quarter-on-quarter to €2 million, down from a €65 million deficit in the second quarter. But green hydrogen revenue collapsed 79 percent over nine months compared with the prior year, and order intake in that segment slid to just €3 million in the third quarter, versus €13 million a year earlier. The overall revenue improvement was driven mainly by chlor-alkali projects pulled forward from the fourth quarter.

Market Reaction and the Broader Picture

The share price response to Friday's vote was muted — Thyssenkrupp closed at €12.54, virtually flat on the day. The stock remains within striking distance of its 52-week high of €13.34 set on October 10, 2025, with just 5.92 percent separating the current price from that peak. On a weekly basis, the shares are up 4.06 percent, and they have gained 35.27 percent since the start of the year.

Institutional interest persists: asset manager Amundi reported a voting rights stake of 4.82 percent in late July, rising to 5.06 percent when instruments are included. Deutsche Bank analyst Bastian Synagowitz had already set a bullish tone in late July, lifting his price target from €14.50 to €16 on July 22 with a "Buy" rating, describing the spin-off as a kind of dividend in kind — a business the group should hold onto.

Not everything is running smoothly, however. Low water levels on the Rhine are complicating logistics for the steel division, with one economist from the German Economic Institute describing the situation as "dramatic." That could hamper raw material deliveries to Thyssenkrupp Steel Europe via inland waterways in the near term. European steel production, despite a 9 percent increase in the first half, remains below the roughly 37 million tons considered sustainable — an environment in which the group's restructuring will face its real test.