German steel giant
ThyssenKrupp and German conglomerate Siemens have denied that they are considering a merger, according to international media reports.
The companies stated that the merger rumors reported by the German magazine WirtschaftsWoche lack foundation. In the article,
ThyssenKrupp is said to be seeking a merger with Siemens, because it might not be able to survive on its own.
Both companies share the same supervisory board chairman, Dr. Gerhard Cromme, who has been on the supervisory board of Siemens since April 2007 and with
ThyssenKrupp since 2001.
ThyssenKrupp's current CEO Heinrich Hiesinger held an executive position at Siemens until 2010.