Thursday, May 13, 2021

"Thyssenkrupp considers IPO or SPAC for hydrogen business - CEO"

 From Reuters via Nasdaq, May 11:

Thyssenkrupp TKAG.DE is considering an initial public offering (IPO) or a deal with a special purpose acquisition company (SPAC) for its hydrogen business, Chief Executive Martina Merz said on Tuesday.

A 66-34 joint venture of Thyssenkrupp and Italy's De Nora IPO-DENR.MI, Thyssenkrupp Uhde Chlorine Engineers (TKUCE) is the world's largest supplier of chlor-alkali membrane technologies used to produce hydrogen.

In a call with analysts, Merz said Thyssenkrupp has hired an investment bank to explore strategic options for the business and to come up with proposals by the summer.

Two people familiar with the matter said the bank was Citi C.N. Citi declined to comment.

"The main objective behind it is to fund further growth in this business. So we would want to dedicate the potential funds into growth. And that can, of course, mean also to find partners in order to grow," Merz said....