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GIC raises stake in German conglomerate Thyssenkrupp

[FRANKFURT] Singapore's sovereign wealth fund GIC Pte Ltd has increased its stake in ailing German conglomerate Thyssenkrupp, a regulatory filing showed on Friday.

The investor, as of Sept 6, held 5.3 per cent in the group, up from 3.5 per cent previously, the filing showed. Thyssenkrupp shares have climbed 40 per cent since mid-August, boosted by hopes for a sale of its prized elevator division.