Germany's leading shipyard, TKMS, secures autonomy
Thyssenkrupp Marine Systems Spins Off and Goes Public
Thyssenkrupp Marine Systems (TKMS), a leading global player in non-nuclear operated submarines, frigates, and corvettes, is spinning off from its parent company Thyssenkrupp and going public. The move is part of a planned corporate restructuring at Thyssenkrupp and aims to provide TKMS with greater entrepreneurial freedom to grow.
TKMS, which employs around 8,300 people and has shipyard locations in Kiel, Wismar, Itajaí, Brazil, as well as other sites in Hamburg, Bremen, and Emden, has been awarded a significant order to construct the new German research ship 'Polarstern 2' for missions under extreme climate and weather conditions. The order, worth approximately 1.2 billion euros, underscores TKMS's expertise in building advanced maritime vessels.
The spin-off has received a predominantly positive view from TKMS's shareholders, with the general meeting expressing support for the move. However, concerns have been raised about the composition of the supervisory board, with Thyssenkrupp retaining a 51% majority stake and appointing six out of ten members. Financial experts and shareholder representatives have advocated for a more independent supervisory board to safeguard the interests of minority shareholders.
The supervisory board of TKMS AG & Co. KGaA currently comprises 10 members, with 4 independent representatives. The Krupp Foundation, a significant individual shareholder with a 21% stake, is expected to receive a seat on the board. The balance between Thyssenkrupp’s majority control and independent representation is a topic of ongoing discussion, with calls for a more independent supervisory board to better protect minority shareholders.
In other news, TKMS has recently received orders for submarines from Germany, Norway, Israel, and Singapore, further boosting its order backlog, which has grown by more than 50 percent since the end of September to over 18 billion euros.
Meanwhile, in Hamm, a first cannabis cultivation association has received a license, and a security agreement is planned between TKMS and the federal government, granting the federal government special information and consultation rights for sensitive activities.
As TKMS embarks on its new journey as an independent entity, the attractiveness for investors increases with clearly defined business models and a focus on corporate management and decisions that prioritize the interests of all shareholders. The future of TKMS looks promising, with opportunities for growth and innovation on the horizon.
[1] Supervisory Board Composition of TKMS AG & Co. KGaA
| Member Category | Number of Members | |----------------|------------------| | Thyssenkrupp Appointed | 6 (majority stakeholder) | | Independent Representatives | 4 | | Other Shareholders (e.g., Krupp Foundation) | 0 (expected) |
[2] Minority Share Protection and Calls for More Independent Members
Critics argue that the current supervisory board structure, with Thyssenkrupp holding a majority of seats, may not adequately protect the interests of minority shareholders. Financial experts and shareholder representatives have advocated for a more independent supervisory board, with a larger proportion of independent members, to safeguard the interests of all shareholders.
[3] Ongoing Discussions and Shareholder Pressure
The composition of the supervisory board remains a topic of ongoing discussion, with shareholders and financial experts calling for a more independent board to better protect minority shareholders. While the current structure balances Thyssenkrupp’s majority control with some independent representation, changes may be on the horizon as the company seeks to address concerns and better protect the interests of all shareholders.
The spin-off of Thyssenkrupp Marine Systems (TKMS) has led to calls for a more independent supervisory board to safeguard the interests of minority shareholders, given the current composition with Thyssenkrupp holding a majority of seats. TKMS, now an independent entity, is attracting investors with its clear business models and focus on decisions that prioritize all shareholders, though concerns about the supervisory board remain.
In the context of the ongoing discussions regarding the supervisory board composition, a more balanced board may be necessary to properly protect the interests of all shareholders, ensuring the future growth and success of TKMS in the industry, finance, and business sectors.
