ThyssenKrupp plans elevator IPO, abandons idea to split into two

ThyssenKrupp decided on Friday against an earlier plan to spin off the steel operations into a joint venture with Tata Steel after deciding regulators were likely to reject it

ThyssenKrupp AG announced a dramatic U-turn in corporate strategy, saying it will take its elevator business public and abandon a plan to split into two.

The shares surged the most on record after Chief Executive Officer Guido Kerkhoff said on Friday that the new proposal could also lead to the elimination of as many as 6,000 jobs. Kerkhoff’s reversal comes just seven months after he told investors that dividing the company was the best way forward.

“It is clear that Thyssenkrupp’s strategy of the past has failed," said Lars Forberg, founding partner of Cevian Capital, the second-biggest shareholder. "All stakeholders now believe