Thyssenkrupp adjusts €10b guarantees for TKMS as spin-off nears

Thyssenkrupp, an engineering and steel production group, has issued so-called parent company guarantees worth around €10 billion ($11.56 billion) to TKMS, which are key in safeguarding the division’s contracts.

So far, Thyssenkrupp has charged a fixed annual fee of €85,000 per guarantee provided to TKMS, resulting in fairly stable annual costs for TKMS between €13.3 million and €15.3 million in 2022–2024, the prospectus said.