Steelmaker Thyssenkrupp Soars as Defense Gains Add to IPO Merits
- Shares gain as Europe prepares to increase military spending
- IPO of Marine Systems unit may unlock ‘deep value,’ says BofA
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Shares of Thyssenkrupp AG jumped the most in four and a half years as investors focused on the German steelmaker’s plans to conduct an initial public offering of its submarine-making unit at a time when Europe is trying to boost military spending.
Shares in Thyssenkrupp were up as much as 20% on Monday amid a broad rally in Europe’s defense stocks. The US is turning up the pressure on the bloc to do more to shoulder the cost of any peace deal between Ukraine and Russia.