Thyssenkrupp AG (TKA.DE,TYEKF.PK), Friday announced that its board has approved the Executive Board's plans to spin off of a minority interest in the Marine Systems segment or TKMS, as well as agreed to extend the contract of the company's CEO Miguel Angel Lopez Borrego, by five years until May 31, 2031.
The Executive Board's plans involve consolidating the marine business under a new holding company and transferring 49 percent of the TKMS shares to the shareholders of the company, making them the direct shareholders of TKMS.
The resolution regarding this will be held at an extraordinary general meeting on August 8, 2025, which also aims to finalize the listing of TKMS on the Frankfurt Stock Exchange within this calendar year.
Currently, ThyssenKrupp's stock is trading at 8.83 euros, up 3.43 percent on the Xetra.
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