Labor Resistance Big Stumbling Block for ThyssenKrupp's Deal With Tata Steel; FVE Raised to EUR 28
We are increasing our fair value estimate for ThyssenKrupp to EUR 28 per share from EUR 26. We have updated our model to incorporate EUR 200 million of cost synergies after the firm announced its interest in joining forces with Tata Steel to create Europe’s second-largest steelmaking company. We assume a 60% probability of a deal closing by the end of 2018 with labour acceptance of the deal as a potential deal-breaker, in addition to merger approval from the EU commission. We maintain our no-moa...ThyssenKrupp is the parent company of the ThyssenKrupp Group. Co. has six business areas: Components Technology, which provides components for the automotive and machinery sectors; Elevator Technology, which supplies passenger and freight elevators, escalators and moving walks, passenger boarding bridges, stair and platform lifts; Industrial Solutions, which comprises the System Engineering and Marine Systems units; Materials Services, which focuses on materials distribution and technical services; Steel Europe, which develops, produces and markets flat carbon steel in the European market; and Steel Americas, which produces, processes and markets steel products in North and South America.
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