Linklaters LLP advised ThyssenKrupp AG, Germany’s largest steelmaker, on its agreement to sell its U.S. plant to ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. as it seeks to offload operations that are the worst investments in its more than 200-year history.
Government bonds fell around the world after manufacturing grew more than forecast in the U.S., euro area and China. Gold sank and U.S. stocks retreated while the dollar strengthened against most major peers.
ThyssenKrupp AG plunged in Frankfurt trading after the steelmaker said it plans to boost capital by as much as 10 percent of its market value and absorb money- losing businesses it sold with its Inoxum unit.
ThyssenKrupp AG plans to sell equity equivalent to as much as 10 percent of its market value as the largest German steelmaker found buyers for a U.S. plant that was part of the 202-year company’s worst investment.
ThyssenKrupp AG agreed to sell its U.S. plant to ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. for $1.55 billion as Germany’s largest steelmaker seeks to offload the Steel Americas operations that are the worst investments in its more than 200-year history.
A breakup of ThyssenKrupp AG -- an idea long-resisted by its biggest shareholder -- is starting to look more realistic after activist investor Cevian Capital AB increased its stake in the German conglomerate.