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Thyssenkrupp will spin-off 49% of its defence division TKMS as a dividend to shareholders

Thyssenkrupp will spin off 49% its defence division TKMS as part of a listing in the second half of this year.

These comments were made during a press conference in Kiel, Germany where Thyssenkrupp unveiled the new branding of the division. TKMS's order book has reached a record of 18 billion euros, or $20.5 billion. This is due to the strong demand for military products.

Volkmar Dinstuhl is responsible for M&A at Thyssenkrupp Automotive. He revealed that the shareholders of the conglomerate "will own a 49% share as part of this spin-off". This was the first time that the size of the stake would be disclosed.

Thyssenkrupp, in its divestment plan for 2025, has only stated that it will keep a majority stake in TKMS. TKMS manufactures frigates, subs, sensor and mine hunting technology.

Thyssenkrupp continues its strategy of selling stakes in main business lines to become a holding firm. The German company sold a 20 percent stake in its steel business last year after listing Thyssenkrupp Nucera, its hydrogen division in 2023. Reporting by Fabian Bimmer & Christoph Steitz. Editing by Jane Merriman

(source: Reuters)