Thyssenkrupp: Amundi Trims Stake as Deutsche Bank Lifts Target and Spin-Off Vote Nears
Published on 07/25/2026 at 02:42 | Redaktion boerse-global.de
The restructuring story at Thyssenkrupp is entering a decisive phase, with a major shareholder trimming its position just as one of Europe’s largest banks raises its price target and a critical vote on the materials division looms.
Asset manager Amundi has reduced its voting rights stake in the German industrial conglomerate to 5.06%, according to a mandatory disclosure under securities trading law. The Paris-based firm now holds 4.82% in shares and 0.24% via instruments, as of July 20. That compares with a 5.23% position reported in mid-May, when shares accounted for 5.05% and instruments 0.18%. While the reduction is modest — a few tenths of a percentage point — it keeps Amundi comfortably above the 5% reporting threshold. Thyssenkrupp puts its total voting rights at 622,531,741.
Such threshold notifications rarely move markets on their own, but they offer investors a window into the institutional ownership structure of the Ruhr-based group. That a heavyweight like Amundi remains significantly above the reporting line despite the slight pullback underscores continued professional interest in the stock.
Deutsche Bank Sees €16 as Spin-Off Catalyst
On the same day the Amundi filing emerged, Deutsche Bank published two bullish notes on Thyssenkrupp. Analyst Bastian Synagowitz lifted the price target from €14.50 to €16.00, keeping a “Buy” rating. His primary rationale: the accelerating corporate overhaul.
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The spotlight falls on tk accelis, the materials services arm formerly known as Materials Services. Deutsche Bank likens the planned spin-off to a special dividend for shareholders, with Synagowitz calculating roughly €2 per share of additional value from the transaction alone.
In a separate note, analyst Sriram Krishnan reaffirmed “Buy” on the marine unit TKMS with a €110 price target, citing stable project execution in shipbuilding — a factor that also supports the parent company’s valuation.
Analyst Consensus Split Reflects Restructuring Uncertainty
The broader analyst consensus paints a predominantly positive picture, though the range of views is unusually wide. Among eight houses tracked, the majority recommend “Buy,” with a median price target of €13.50 — above Friday’s close of €12.24. Deutsche Bank’s €16.00 represents the high end, while Barclays sits at the opposite pole with an “Underweight” rating and a €9.00 target. JPMorgan rated the stock “Neutral” on July 10 with a €12.80 target. Bank of America, which reiterated its buy recommendation in late June, cited the planned initial public offering of Materials Services. AlphaValue/Baader Europe and DZ Bank are more cautious, with “Sell” and “Hold” ratings respectively.
This divergence highlights how differently the market assesses the group’s restructuring. Optimists bet on a breakup into leaner entities, while skeptics point to structural headwinds in the steel business.
Shareholders to Vote on tk accelis Spin-Off
The transformation under the “ACES 2030” strategy reaches a milestone on August 7, 2026, when Thyssenkrupp convenes an extraordinary general meeting. Shareholders will vote on the separation of tk accelis, which management aims to list on the stock exchange before year-end.
At a recent Capital Markets Day, tk accelis outlined medium-term targets including an EBITDA margin of 4% to 5%, to be achieved partly through targeted acquisitions in North America.
Low Water Levels Crimp Steel Production
Operational challenges persist, particularly in the steel division. Historically low water levels along the Danube — with flow at Komárom/Komárno measuring just 39% of the July average — have forced Thyssenkrupp to dial back steel production, according to media reports. The Rhine River, too, saw further declines at the Kaub gauge on Friday, adding strain to inland shipping and the logistics of raw materials and finished products.
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Thyssenkrupp Steel Europe has preemptively reduced blast furnace output at its Duisburg plant, incurring higher logistics costs. On the positive side, tighter EU import protections took effect July 1, 2026, imposing a 50% tariff on steel imports exceeding fixed quotas — a measure that bolsters domestic producers.
Stock Holds Near Highs Despite Headwinds
The share price has shrugged off operational concerns for now. On Friday, the stock gained 2.51% to €12.24, bringing its year-to-date advance to roughly 32%. That leaves it about 7.6% below the 52-week high of €13.24 reached in October. The relative strength index of 61.5 points to strong but not overheated buying interest.
Thyssenkrupp is scheduled to report third-quarter results on August 12, 2026. The numbers will offer a read on how the group is navigating its transformation phase financially. With a major shareholder trimming in small steps, a divided analyst community, and weather-related production risks, volatility is likely to remain elevated in the weeks ahead.
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