FRANKFURT: Within hours of Heinrich Hiesinger stepping down as ThyssenKrupp AG chief executive last week amid pressure from activist investors, the talk turned to “locusts,” Germany’s catch-all term for the evils of Anglo-Saxon capitalism.
A “locust-style” breakup must be resisted, ThyssenKrupp’s chief labour representative warned, no doubt in reference to Cevian Capital and Elliott Management Corp, who’ve been pushing for change. Blaming hedge funds for the unraveling of a once-mighty industrial conglomerate feels misplaced though.
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