LONDON (Reuters) – Thyssenkrupp shares leapt 20 percent on Friday as investors rushed to cover bearish bets after the conglomerate announced plans to list its best business, a move long hoped-for by investors.
The stock was up 21% at 13.62 euros ($15.31) at 1407 GMT, set for its best day since the German firm’s listing in 1991. They were the best-performing shares in Europe.
Thyssenkrupp - Carve-out - Listing - Elevators - Business
Thyssenkrupp is considering a carve-out or listing of its elevators business after abandoning plans to split itself up with a cross-shareholding structure and pulling the plug on a joint venture with Tata Steel.
The shares rose as investors scrambled to cover large bearish bets, analysts and traders said.
Thursday - Level - Interest - Shares - Amount
On Thursday, the level of short interest was 38.3 million shares, the largest amount in more than four years, according to data from FIS Astec Analytics. Around 6.1& of Thyssenkrupp’s outstanding shares wee out on loan.
On the day the joint venture with Tata Steel was announced in Sept 2017, Thyssenkrupp shares were trading at 26.2 euros – nearly twice their current level.
That means even after...
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