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Thyssenkrupp raises 1.4 billion euros via share sale-2018 China (Guangzhou) Int’l Bearing and Equipment Exhibition
9/27/2017 Bearing and expo- bearing exhibition |
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Reuters reported that Thyssenkrupp AG raised almost 1.4 billion euros (1.23 billion pounds) from institutional investors on Monday in a share sale to bolster its balance sheet ahead of a planned merger with India’s Tata Steel. The two firms agreed last week to combine their European steel operations in a move to create the continent’s second-largest steelmaker with revenues of about EUR 15 billion.
Germany-based steelmaker said that thyssenkrupp issued 56,593,794 new no-par-value bearer shares to obtain “the financial leeway to support organic growth” in its industrial goods business, the Essen.
At a price of 24.3 euros, below on September 26th 2017 closing price of 24.7 euros, the share sale raised 1.38 billion euros.
Chief Executive Officer Heinrich Hiesinger said that “With the new Thyssenkrupp-Tata Steel joint venture not expected to start operations until late 2018, it will take “some time” for the positive effects of the transaction to filter through. We will use that time to strengthen our industrial goods businesses right away.”
If approved, the new joint venture would create Europe’s second-biggest steelmaker after ArcelorMittal with combined sales of about 15 billion euros.
-2018 China
(Guangzhou) Int’l Bearing and Equipment Exhibition
-Bearing exhibition, bearing expo, 2018
bearing exhibition, 2018 Bearing expo, China Bearing exhibition, China Bearing
expo
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