November 21, 2019 / 9:15 AM / 21 days ago

Thyssenkrupp top shareholder backs decision to scrap dividend

ESSEN, Germany, Nov 21 (Reuters) - Thyssenkrupp’s top shareholder, the Alfried Krupp von Bohlen und Halbach foundation, said on Thursday it was backing the German engineering conglomerate’s decision to scrap its dividend, adding the foundation was a reliable anchor investor.

“A no-dividend policy, however, must not become a trend in the future,” the foundation, which holds about 21% of the German conglomerate, said in a statement.

The company has the potential to return to its former profitability and needs to implement a restructuring plan announced in spring, it added. (Reporting by Christop Steitz; writing by Thomas Seythal)

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