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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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