thyssenkrupp: Barclays maintains 'underweight' rating

(CercleFinance.com) - Barclays maintains its "underweight" rating on Germany's thyssenkrupp, with a target price of 13 euros, saying that an IPO of the company's elevator business will only "crystalize," and not "maximize," shareholder value.


While last year's plan for an industrials/materials split lacked clarity in the broker's view, Barclays says it struggles to understand why the group would give away half the synergies which could be extracted from a potential elevator merger, floating just 50% of the unit.

Instead, Barclays would have expected merger talks with peers to intensify, notably with Finland's Kone, it says in a research note.

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