By Christoph Steitz and Tom Käckenhoff

ESSEN, Germany (Reuters) – Thyssenkrupp has begun due diligence with potential bidders for its plant division as the German conglomerate accelerates a radical overhaul to sell or turn around ailing business units in the next two years, a top executive told Reuters.

In his first interview, Volkmar Dinstuhl, who oversees the divestment of non-core assets, said the company has opened the books to buyers of its plant-building units and received expressions of interest for its stainless steel division.

Thyssenkrupp

is also open to considering offers for its automotive and remaining industrial assets, said Dinstuhl, who heads up the group’s Multi-Tracks division, which houses businesses Thyssenkrupp no longer wants to own.

“Our goal is to find a solution for all our businesses within the next two years,” said Dinstuhl, the first time Thyssenkrupp has outlined a timeline for restructuring.

The Essen, Germany-based company, which makes submarines, warships, steel and car parts, as well as equipment for cement factories, construction and fertiliser plants, is struggling to define what its core business is.

Dinstuhl, an international chess master, is taking an opportunistic approach to reshaping the company’s portfolio after selling the company’s elevators unit for 17.2 billion euros ($20.2 bln) earlier this year.

That disposal gives Thyssenkrupp the financial strength to stem potential writedowns on other assets it has up for sale, allowing it to pursue a deeper restructuring than has previously been possible.

Dinstuhl said that Multi-Tracks, which accounts for about 6 billion euros in sales and was responsible for 400 million euros of negative cash flow in the 2018/19 fiscal year, will seek to sell, shut down or find partners for the 10 units it comprises.

“We’re basically an internal private equity fund,” he said.

Jennifer Cooper, who has held various M&A positions at Thyssenkrupp

Just how much money do Phillies have coming off their books this offseason? originally appeared on NBC Sports Philadelphia

The Phillies have a substantial amount of money coming off of their books this offseason — more than $60 million with the expiring contracts of four players in Jake Arrieta, Didi Gregorius, David Robertson and J.T. Realmuto.

From a luxury tax perspective, those four expiring average annual salaries equal $60.5 million.

Jose Alvarez ($2.95M), Phil Gosselin ($1M) and Tommy Hunter ($850,000) reach free agency too, clearing up another $4.8 million.

That’s over $65 million that was applied to the Phillies’ 2020 luxury tax threshold that won’t be applied in 2021. That’s a ton of wiggle room for the Phillies to accomplish what needs to be accomplished this offseason by signing Realmuto, adding pitching and potentially bringing back Gregorius.

Beyond that $65 million, the Phillies can clear even more money if they decline the club options for Hector Neris ($7 million) and/or David Phelps ($4.5 million). It may not make sense to cut ties with either reliever, though, given how thin this bullpen is. That is a more-than-fair price for Phelps if he pitches as he did in the five years before the Phillies acquired him, not the month after.

Three more players who will get more expensive in 2021 if the Phillies keep them are Vince Velasquez, Heath Hembree and Adam Morgan. 

  • Velasquez made $3.6 million (pre-proration) in 2020 in his second arbitration year. A reasonable estimate for his final arbitration year would be $4.5 million, which is steep for a pitcher who hasn’t solidified himself in the rotation or bullpen.
  • Hembree made $1.6 million and will likely be in that $2 million range again after a disastrous stint with the Phils. He could be a non-tender.
  • Morgan made just a