BERLIN (Reuters) -Thyssenkrupp’s plans to spin off its TKMS defence division are fully understood and supported by the German government, said supervisory board chairman Siegfried Russwurm in prepared remarks published on Monday.
“Both the Executive Board and the Supervisory Board are fully aware of TKMS’ significance in terms of security policy, and therefore engaged in intensive dialogue with the relevant government authorities,” said Russwurm in remarks to be given at the company’s extraordinary general meeting on August 8.
The German industrial group, buoyed by robust demand for defence technology, is set to spin off 49% of TKMS to shareholders in the autumn, pending approval at the EGM.
Thyssenkrupp CEO Miguel Lopez also said in prepared remarks that TKMS’ chosen structure would allow the company to play an active role in the expected consolidation of the European defence industry.
“We therefore remain open to future discussions,” he said according to the remarks published online.
(Reporting by Tom Kaeckenhoff, Writing by Miranda Murray, Editing by Friederike Heine)
