Cevian cuts stake by more than 5.6
Thyssenkrupp turnaround failed to boost share price
Cevian first disclosed stake in 2013

FRANKFURT, Nov 22 Reuters Activist fund Cevian has cut its stake in Thyssenkrupp to less than 1, it said on Tuesday, effectively ending its lossmaking engagement with the German industrial group after years of restructuring that failed to boost its share price.

Cevian, which first disclosed a stake in Thyssenkrupp in 2013, had nearly halved its stake to 7.9 a year ago after a farreaching overhaul it had long demanded arrived too late. It most recently reduced its holding to 6.6.

Cevian Capital reduced its ownership in Thyssenkrupp to a small residual position of less than 1, driven by regular portfolio management decisions, the fund said on Tuesday in a written reply to questions.

Shares in Thyssenkrupp fell 4.7 lower on the news, making them the secondbiggest decliners in Germany39;s midcap index and valuing the stake Cevian has sold at more than 180 million euros 185 million.

Refinitiv news service IFR earlier reported that Cevian sold shares at 5.155.40 euros apiece in a process run by UBS, indicating the fund took a loss, given Thyssenkrupp stock traded around 1719 euros when the fund disclosed holdings.

Thyssenkrupp declined to comment.

Cevian39;s move comes after years of turnaround at Thyssenkrupp most notably job cuts, the sale of its prized elevators bsuiness and disposal of underperforming divisions failed to increase the…