October 22, 2018 / 4:11 PM / 10 months ago

Harris Associates takes 3.08 percent stake in Thyssenkrupp

FILE PHOTO: A logo of ThyssenKrupp AG is pictured outside the ThyssenKrupp headquarters in Essen, November 23, 2017. REUTERS/Thilo Schmuelgen/File Photo

FRANKFURT (Reuters) - United States-based fund manager Harris Associates L.P has taken a 3.08 percent stake in ThyssenKrupp (TKAG.DE), a regulatory filing on Monday showed, as the German conglomerate struggles to reform itself amid activist pressure.

Harris declared it had accumulated the stake on October 15, according to the filing with the Frankfurt Stock Exchange.

Last month, Thyssenkrupp said it will split the company in two in an effort to raise the company’s share price following an activist campaign and management clashes which led to the departure of the chief executive and chairman.

Swedish investor Cevian holds an 18 percent stake while Elliott Management, which had initially opposed Guido Kerkhoff as long-term chief executive, holds a stake of just under 3 percent.

The company’s largest shareholder remains the Alfried Krupp von Bohlen and Halbach Foundation, which controls a 21 percent stake.

Reporting by Edward Taylor; Editing by Adrian Croft

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