Ailing Thyssenkrupp ‘needs new strategy’

Thyssenkrupp needs a broad overhaul in strategy carried about by a new external CEO, as mid-term targets announced last week will not be enough to put the German group back on track, according to one of its investors. Union Investment owns just a 0.2% stake in Thyssenkrupp, worth about $28m, but has been one of the most critical shareholders of the conglomerate and repeatedly urged management to seek a deeper restructuring.