Linklaters advises thyssenkrupp comprehensively on the spin-off of its marine business

Linklaters advises thyssenkrupp AG comprehensively on the preparation and implementation of the spin-off of its marine business TKMS. The spin-off will be effected by transferring a 49 percent minority interest in the marine business to TKMS AG & Co. KGaA and subsequently listing TKMS AG & Co. KGaA on the stock exchange. Following the spin-off, thyssenkrupp AG will retain a majority interest of 51 percent in TKMS AG & Co. KGaA. Shareholders of thyssenkrupp AG will receive one limited partnership share (Kom-manditaktie) in the new TKMS AG & Co. KGaA for every 20 shares held in thyssenkrupp AG.

The extraordinary general meeting of thyssenkrupp AG approved the spin-off on 8 August 2025 with a majority of 99.96 percent. The listing of TKMS AG & Co. KGaA on the Prime Standard of the Frankfurt Stock Exchange is planned for the current calendar year.

The spin-off of TKMS marks a key step in the strategic realignment of thyssenkrupp Group. In the medium term, thyssenkrupp AG is to become a strategic holding company with strong, independent companies. 

Linklaters has been providing comprehensive advice on the transaction since 2022. The advice includes, in particular, corporate, capital markets, tax and foreign investment con-trol advice to thyssenkrupp AG and TKMS with regard to the preparation and implementation of the intra-group restructuring, the spin-off, the structuring of the future legal relation-ships between thyssenkrupp AG and TKMS subgroup, and the stock exchange listing. In addition, Linklaters advises thyssenkrupp AG in connection with negotiations with the Ger-man federal government on the conclusion of a security agreement.

The Linklaters team is led by Dr Ralph Wollburg (Chairman Global Corporate and Co-Head of Global M&A), Dr Andreas Zenner (Corporate/M&A, both Düsseldorf), Dr Alexander Schlee (all partners, Capital Markets, Frankfurt) and Dr Julius Raapke (Counsel, Corporate/M&A, Düsseldorf). The team also includes Dr Julian Böhmer (tax law), Christoph Barth (antitrust law & investment control, both Düsseldorf), Dr Michael Leicht (TMT, Frankfurt), Dr Jan Endler, Dr Jana Hager (all partners, both public law, Berlin), Marco Huchzermeier (corporate/M&A, Düsseldorf), Dr Urs Lewens (Banking, Frankfurt), Kevin Roy (all Counsels, Corpo-rate/M&A, Berlin/Frankfurt), Dr Geesa de Vries (Corporate/M&A, Düsseldorf), Dr Benedikt Schewe (Tax Law), Tosan Kraneis (Capital Markets, Frankfurt), Dr Lasse Petersen Weis (Banking, both Frankfurt), Ann-Christin Käser (all Managing Associates, Antitrust & Investment Control, Munich), Dr Philipp Roebers, Dr Nikolas Kau, Maximilian Bunte, Dr Max Malte Suchsland, Dr Alparslan Aksoylu (Corporate/M&A), Dr Yannick Klecker (tax law), Dr Alexan-der Fuchs (antitrust law & investment control, all Düsseldorf), Alexander Auster (both capi-tal markets), Alexander Gatlin (corporate/M&A) and Antonia Mertens (all associates, TMT, all Frankfurt).

Other offices involved included Brussels, Lisbon, London, Madrid, Milan, New York, Singapore and Washington DC.

Linklaters has been advising thyssenkrupp for many years on strategic transactions and projects, including the sale of its elevator business, the entering into a strategic partnership with EP Corporate Group in relation to its steel business and the transformation and IPO of its hydrogen subsidiary thyssenkrupp nucera.