Thyssenkrupp's Materials Unit Gets Its Independence Papers — With 99.99% Shareholder Backing

Thyssenkrupp shareholders approve 99.99% spin-off of materials trader tk accelis, with listing on Frankfurt Stock Exchange expected by end of October.

The dismantling of Thyssenkrupp passed another milestone on Friday as shareholders voted with near-unanimity — 99.99 percent in favor — to spin off the group's materials trading arm, tk accelis. The decision, reached at an extraordinary general meeting, clears the path for the Essen-based industrial conglomerate to shed one of its largest remaining divisions and sharpen its focus on the businesses it wants to keep.

Under the terms of the separation, investors will receive one share in the new company for every 20 Thyssenkrupp shares they hold. The parent group retains a 51 percent majority stake, with the remaining 49 percent transferred directly to existing shareholders. The spin-off becomes legally effective once the transaction is registered in the commercial register, a step expected at the end of October, followed by a listing in the Prime Standard segment of the Frankfurt Stock Exchange. The registration itself is slated for late August, leaving a window of roughly two months to finalize operational and legal details before the new entity begins trading on its own.

A heavyweight in materials trading steps into the spotlight

tk accelis is no fringe operation. The division generated sales of €11.4 billion in fiscal 2024/25, employs around 15,500 people across more than 400 locations in over 30 countries, and counts roughly 250,000 customers and 11,000 suppliers. It claims market leadership in European materials trading and ranks as the third-largest provider in the United States. The business has also been performing well operationally: in the second quarter of fiscal 2025/26, revenue rose 5 percent to €3.2 billion, while adjusted EBIT jumped 179 percent to €81 million. For the full year 2024/25, the division reported adjusted EBIT of €132 million.

Management has set medium-term targets of annual revenue growth above 4 percent and an adjusted EBITDA margin between 4 and 5 percent. The company has also signaled that a first dividend could be paid in early 2028 — an attempt to reassure investors that the newly independent entity will deliver financial returns, not just operational scale.

Not every shareholder was entirely comfortable with the structure. Asset manager DWS voiced criticism at the meeting over the parent company's continued influence through the AG & Co. KGaA legal form. Yet the reservations did little to dent the outcome, with approval nearly unanimous.

Group numbers provide the supporting cast

The spin-off lands at a moment when Thyssenkrupp's broader financial picture is showing signs of stabilization. In the second quarter of fiscal 2025/26, order intake climbed by €2.6 billion to €10.6 billion, buoyed by new submarine contracts from Norway and marine electronics business within the Marine Systems division. Revenue dipped slightly to €8.4 billion, down from €8.6 billion in the year-earlier quarter. Despite the softer top line, adjusted EBIT improved markedly, which the company attributes to the positive effects of its APEX performance program.

The group has confirmed its full-year guidance for 2025/26, projecting adjusted EBIT between €500 million and €900 million. The revenue outlook, however, was trimmed: instead of a decline of 2 percent to growth of 1 percent, Thyssenkrupp now expects sales to develop between minus 3 percent and flat compared with the prior year. Investors will get a clearer read on how achievable those targets are on Thursday, when the company releases its nine-month interim report. CEO Miguel Ángel López Borrego and CFO Axel Hamann will present the figures in an analyst conference starting at 11 a.m.

Analysts see room for more upside

The market has largely warmed to the restructuring story. Deutsche Bank raised its price target for Thyssenkrupp shares from €14.50 to €16.00 in late July, reaffirming a "Buy" rating. Analyst Bastian Synagowitz described the carve-out of Materials Services as a "dividend in the form of a business" and advised the group to hold on to its remaining stake, estimating additional upside of roughly €2 per share from the transaction. Earlier in July, JPMorgan had lifted its target from €11.80 to €12.80 with a "Neutral" stance — a more cautious assessment that reflects the divergence of opinion among analysts about the pace and payoff of the conglomerate's transformation.

A portfolio that keeps getting slimmer

The accelis spin-off is one piece of a broader reshaping. In early July, Salzgitter reached a final agreement to acquire Hüttenwerke Krupp Mannesmann, in which Thyssenkrupp previously held a 50 percent stake. The divestment fits a pattern of the group shedding peripheral holdings and concentrating on its core operations. The naval shipbuilding unit TKMS has already been listed separately, and the parent is gradually repositioning itself as a financial holding. Next in line is the steel division, Thyssenkrupp Steel Europe, with a dedicated capital markets day scheduled for late September.

The stock has rewarded the strategy so far. Shares closed Friday at €12.54, virtually unchanged on the day but up 35.27 percent since the start of the year. That leaves the stock about 5.92 percent below its 52-week high of €13.34, reached in October. With the spin-off now approved and the steel unit's investor day approaching, the market's attention shifts to whether the conglomerate can keep delivering on its promises — and whether the newly independent tk accelis can justify the fanfare when it starts trading on its own later this year.