Reports are circulating that ThyssenKrupp, may be considering selling it’s automotive division ThyssenKrupp Automotive Systems. The automotive division grew out of the downstream acquisitions of major steel component manufacturers.
The company owns plants throughout the world. The automotive division makes components and modules for auto chassis, bodies and powertrains. It generated 49 million euros in earnings before tax and minority interests in its 2004/2005 fiscal year on sales of 7.63 billion euros.
Apparently Lakshmi Mittal, Mittal Steel's chairman and main owner, is considering relinquishing his controlling stake in the steel group - a move that could lower the barriers to shareholders accepting his €18.6bn (£10.6bn) hostile offer for Arcelor.
I spotted a story over at Stamping out a living that Dana the multinational braking systems group based in Toledo Ohio is to file for chapter 11 . The auto supplier with 46,000 workers worldwide said in January that it lost nearly $1.3 billion in the third quarter last year.
Shares in AK Steel Corp went up dramatically on Friday amidst rumours that they were in discussions with North America’s largest manufacture US Steel Corp. regarding a possible takeover.
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