Thyssenkrupp’s €26 Billion Submarine Bid and Spin-Off Plan Fail to Buoy Flagging Shares
Published on 06/22/2026 at 04:51 | Redaktion boerse-global.de
Thyssenkrupp investors have been selling first and asking questions later. The stock closed the week at €10.51, shedding 7.57% in seven days, despite a string of operational milestones that would normally cheer the market. Analysts point to a textbook “sell the news” reaction: the conglomerate’s breakup plans had already been priced in long before the board formally recommended the separation of its materials unit.
The slide comes even as the group’s marine division, TKMS, moves closer to landing one of the biggest defence contracts in recent memory. Canada is expected to decide within days on its $26 billion submarine programme, with TKMS in pole position to supply up to 12 Type 212CD diesel-electric boats. To bolster its bid and meet local-content requirements, the division has struck two new alliances: a deal with Valbruna ASW Inc. for around 70 tonnes of non-magnetic speciality steel and a memorandum of understanding with OSI Maritime Systems to integrate its ECPINS navigation software.
Beyond submarines, TKMS is quietly diversifying into clean technology. The unit has signed preliminary agreements with Heirloom Carbon Technologies and Calvion – part of the Thyssenkrupp group – to build large-scale direct air capture plants in Alberta. The move strengthens TKMS’s credentials as a standalone business, a direction the parent supports: Thyssenkrupp currently owns 51% of the division but plans to gradually reduce its stake through partnerships or state participation.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
The other major catalyst for the group is the planned spin-off of its materials and logistics arm, now rebranded as tk accelis. Bank of America analysts have valued the unit at around €3.5 billion. Under the current blueprint, Thyssenkrupp will transfer 49% of the shares to existing shareholders, retaining a 51% controlling stake. Shareholders will vote on the separation at an extraordinary general meeting in August. Jefferies has set a price target of €13 on the stock, well above current levels.
Technically, the shares are hovering just above the 50-day moving average of €10.36. The relative strength index sits at 44, neutral territory, while the annualised 30-day volatility of 41.73% underscores the uncertainty surrounding the timeline of the group’s restructuring. The 200-day line at €10.04 looms as a key support level if selling persists.
Meanwhile, Thyssenkrupp’s steel business could get a tailwind from Brussels. Stricter EU import rules on steel from third countries take effect in July, likely providing a pricing lift for domestic production. That would buy the group much-needed financial breathing room as it pushes ahead with the costly transformation to green steelmaking.
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