Top ThyssenKrupp shareholder opts out of cash call

The balance of power shifts at ThyssenKrupp (TYEKY, TYEKF), as the Krupp foundation, which has controlled the company since the 1960s, sat out a capital increase today due to a lack of cash, diluting its stake and losing its veto right.

Cevian Capital Partners, an activist shareholder already with a 6%-plus stake and which has invested in several other European companies, purchased a "significant" part of the shares on offer but less than half of the entire placement volume, WSJ reports.

Germany's largest steelmaker has been undergoing a deep restructuring as it grapples with weak demand and overcapacity in the European steel industry.

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