Thyssenkrupp shares hit a record low on Friday, prompting its finance chief to come out and defend the ailing conglomerate which must convince investors that it can earn cash following the sale of its elevator division.
Shares in the group fell as much as 7.3per cent to 6.732 euros per share. Analysts and investors have urged the firm to quickly develop a new strategy after selling its most profitable unit for 17.2 billion euros last week.The disposal has left Thyssenkrupp with a huge cash pile but no equity story for the rest of the group, which makes everything from submarines and steel to car parts and fertilizer plants.
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