Thyssenkrupp shareholder representatives have called for greater shareholder involvement in deciding the future of the steel division.
"The problem from our point of view is that the shareholders are not being asked," said thomas hechtfischer of the german association for the protection of securities holders (DSW). Hechtfischer suggested that a vote be taken at the annual general meeting before a decision is made.
From the point of view of the group’s shareholders, the background to the possible planned merger of thyssenkrupp’s steel division with its indian competitor tata is still completely unclear, hechtfischer lamented. "Basically there is nothing but the vague plan of a joint venture," he said. The economic prospects for such a merger are still unclear against the background of the current situation on the steel market. "Perhaps a blind man is joining forces with a lame man," says hechtfischer.
Even with the vote in the supervisory board, which the company expects to take place in the course of this month, the majority conditions are still open. After representatives of the employees had already signaled their united rejection of the plan, it is still uncertain whether the plan will be approved by all the representatives of the capital side. At present, the position of thyssenkrupp’s major shareholder cevian is just as unclear as the vote of the krupp foundation, which is committed to the unity of the company.
According to a report in the news magazine "spiegel", a memorandum of understanding is to be agreed at the upcoming meeting of the thyssenkrupp supervisory board. The agreement must be negotiated until the beginning of next year.
Hechtfischer said that group CEO heinrich hiesinger was currently under massive pressure to succeed. "Hiesinger needs a breakthrough." In the event of failure, the position of the former siemens manager, who started as a reorganizer at the beginning of 2011, will be "difficult".
Just a few days ago, thyssenkrupp confirmed that negotiations on a possible steel merger between the european operations of the essen-based group and its indian competitor tata were nearing completion. A spokeswoman for the group said that the team was on the "home straight.
Thyssenkrupp boss hiesinger had justified the planned merger, which had been under negotiation since last year, among other things with overcapacities on the steel market. The works council and the IG metall union, on the other hand, fear the closure of sites and massive job losses.