September 20, 2018 / 11:21 AM / 3 months ago

Elliott says does not want Thyssenkrupp breakup: Manager Magazin

FILE PHOTO: A sunflower is seen in front of the ThyssenKrupp AG headquarters in Essen, Germany, September 20, 2017. REUTERS/Wolfgang Rattay/File Photo

FRANKFURT (Reuters) - Activist fund Elliott, which disclosed a stake of less than 3 percent in Thyssenkrupp (TKAG.DE) in May, is not in favor of breaking up the submarines-to-elevator conglomerate, one of its executives told a German monthly magazine.

“We do not want Thyssenkrupp to be dismantled. That would mean giving away value potential for free,” Franck Tuil, senior portfolio manager at the fund, was quoted as saying by manager magazin on Thursday.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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