Exclusive: Thyssenkrupp deputy chairman to vote against new CEO contract over 'fundamental mistrust'
The comments by Juergen Kerner, one of Germany's most influential labour representatives, mark a major escalation in the conflict between management and workers over the German conglomerate's restructuring, most notably its iconic steel division, which the group has sought to divest for years.
Thyssenkrupp's (TKAG.DE), opens new tab supervisory board will convene on Friday to vote on a planned spin-off of its warship division TKMS as well as a new contract for Lopez, who took over two years ago, sources said last week.
Kerner warned of massive resistance if Lopez's contract extension went through against the will of worker representatives, which can only happen via a decisive vote by chairman and former Siemens manager Siegfried Russwurm.
Kerner, deputy chief of Germany's biggest union IG Metall, who also sits on the supervisory boards of Siemens, Siemens Energy and Traton, told Reuters that while he and Lopez had established a working relationship, "we now have a fundamental mistrust on both sides".
He said workers could use the means at their disposal, including strike action, going forward unless Thyssenkrupp was able to draw up a convincing future plan for the steel division and sufficient funding, which he described as red lines.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
24 minutes ago
- Reuters
German tax revenues grow at slower pace in July
BERLIN, Aug 21 (Reuters) - German federal and state tax revenues rose 3% year-on-year in July, a slower rate of increase than the previous month, due in part to a decline in earnings from sales tax, the finance ministry said on Thursday. The total tax take in Europe's biggest economy came to 65.74 billion euros ($76.60 billion) in July, with increases in taxes on income, wages and inheritance, said the ministry in its monthly report. In June, tax revenues had risen more than 7%. In the first seven months of the year, Germany collected some 513.3 billion euros in tax, up 7.4% from the same period in the previous year. Germany's economy contracted in 2024 for the second consecutive year and shrank slightly in the second quarter. Economists expect the export-driven economy to suffer further from U.S. tariffs and mostly predict stagnation for this year. The ministry played down any likely impulses that would boost tax revenues. "Leading indicators do not point to a short-term acceleration of economic activity," said the ministry. ($1 = 0.8582 euros)
Daily Mail
an hour ago
- Daily Mail
Former bosses of corporate raider Melrose in £1.5bn swoop on US electronics firm
The former bosses of corporate raider Melrose have struck their first deal under a new venture. Rosebank Industries has completed a £1.5bn takeover of an American electronics manufacturer. The purchase of Electrical Components International (ECI) from private equity group Cerberus Capital Management was approved by shareholders in July. Aim-listed Rosebank immediately announced a restructuring plan including the closure of ECI's head office in St Louis, Missouri. Rosebank was set up by Melrose co-founders Simon Peckham and Christopher Miller last year. Melrose is best known for its controversial takeover of engineer GKN.
Reuters
4 hours ago
- Reuters
Europe's STOXX 600 closes higher but gains limited by tech, defence
Aug 20 (Reuters) - Europe's STOXX 600 closed higher on Wednesday boosted by consumer and healthcare stocks, while declines in tech and defence stocks limited gains, ahead of a crucial meeting of global central bankers. The pan-European STOXX 600 index (.STOXX), opens new tab closed 0.2% up, at its highest closing level in more than five months. However, most major regional bourses fell, with Germany's DAX (.GDAXI), opens new tab down 0.6%, but the UK's FTSE 100 (.FTSE), opens new tab hit a record high and closed 1.1% higher. Data showed UK inflation rose to 3.8% in July, its highest since early 2024 and in line with the Bank of England's expectations. Among sectors, consumer-facing food and beverage stocks (.SX3P), opens new tab gained the most, up 2.3%, led by Nestle's (NESN.S), opens new tab 3.6% rise. Personal goods and household companies (.SXQP), opens new tab followed, gaining 1.4%. Optimism of progress towards ending Russia's war in Ukraine persisted, as the U.S. and its allies prepared to work out what military support for Ukraine might involve as part of a deal, but caution also lingered as the details were not clear. Shares of European defence-linked companies (.SXPARO), opens new tab dropped 1.4%, after suffering their worst day in more than a month in the previous session on expectations of a Ukraine peace deal. "Even if the war ends, there's a huge restocking cycle that needs to go on for countries to replenish their weapons, which will keep these companies in business for a long time," said Michael Field, chief equity strategist at Morningstar. "The market is slightly flawed in its thinking about the (defence) sector." Heavyweight tech stocks (.SX8P), opens new tab fell 0.5%, tracking a tech sell-off in the U.S., over concerns over an AI stock bubble and uncertainty around the interest rate outlook. This week, the focus will be on the Federal Reserve's annual Jackson Hole symposium, where Chair Jerome Powell and other major central bank heads are set to speak. "There's always a big expectation and that kind of gets moderated down... I would caution anything massive coming out of this," said Field. The STOXX 600 has gained about 10.2% so far this year on hopes of higher spending in the bloc, a shift to European assets in the first half of 2025 and rising expectations of a U.S. interest rate cut. Rockwool ( opens new tab fell 16.2%, the most on the STOXX 600, after the Danish mineral wool maker lowered its full year guidance. The stock logged its worst day in more than two-and-a-half years. Alcon (ALCC.S), opens new tab slumped 9.4% in its biggest one-day fall in more than five years, after cutting its 2025 net sales forecast on expected impact of U.S. tariffs. British medical equipment maker Convatec (CTEC.L), opens new tab announced a $300 million share buyback program, sending its shares up 5.6% to the top of the STOXX index.
