In 1997 Krupp attempted a hostile takeover of the larger Thyssen, but the bid was abandoned after resistance from Thyssen management and protests by its workers. Nevertheless, Thyssen agreed to merge the two firms' flat steel operations, and Thyssen Krupp Stahl AG was created in 1997 as a jointly owned subsidiary (60% by Thyssen and 40% by Krupp). About 6,300 workers were laid off. Later that year, Krupp and Thyssen announced a full merger, which was completed in 1999 with the formation of ThyssenKrupp AG. Cromme and Ekkehard Schulz were named co-chief executives of the new company, operating worldwide in three main business areas: steel, capital goods (elevators and industrial equipment), and services (specialty materials, environmental services, mechanical engineering, and scaffolding services).
in 1997 krupp attempted a hostile takeover of the larger thyssen but the bid was abandoned after resistance from thyssen management and protests by its workers nevertheless thyssen agreed to merge the two firms' flat steel operations and thyssen krupp stahl ag was created in 1997 as a jointly owned subsidiary (60% by thyssen and 40% by krupp) about 6300 workers were laid off later that year krupp and thyssen announced a full merger which was completed in 1999 with the formation of thyssenkrupp ag cromme and ekkehard schulz were named co-chief executives of the new company operating worldwide in three main business areas steel capital goods (elevators and industrial equipment) and services (specialty materials environmental services mechanical engineering and scaffolding services)