The decision, first reported by Reuters, triggered a 28 per cent recovery in Thyssenkrupp shares — their biggest daily gain — as Kerkhoff abandoned a cross-shareholding structuring that had ceased to be financially viable. (Shutterstock)Management and labour leaders at Germany’s Thyssenkrupp have agreed on a way forward after the industrial conglomerate announced a fresh restructuring drive that could lead to the loss of 6,000 jobs. The group will adopt a holding structure and plans to list its elevators unit, its most successful business. “Now it is up to shareholders to decide whether Thyssenkrupp steers towards a (viable) future, or towards conflict,” said Markus Grolms, deputy head of the Thyssenkrupp works council who represents the IG Metall industrial trade union. Thyssenkrupp personnel chief Oliver Burkhard confirmed that agreement had been reached with labour leaders.

Source: The Telegraph May 11, 2019 11:03 UTC