On July 6, Germany's biggest steelmaker ThyssenKrupp announced that it has decided to sell 49.48 million treasury shares worth €1.7 billion ($2.45 billion) to institutional investors to reduce its net financial debts as a part of its strategic development.
ThyssenKrupp collected the shares in question from its 2006 buyback program and they represent some 9.6 percent of capital stock.
Based on Wednesday's closing share price of €34.75 ($49.77), the placement would generate gross proceeds of €1.7 billion ($2.45 billion).
The ThyssenKrupp statement said that the placement of treasury stock will also strengthen the group's equity.