German conglomerate Thyssenkrupp is preparing to spin off its shipyard division TKMS, business daily Handelsblatt reported on Monday citing supervisory board sources.

The supervisory board approved these plans at a special meeting on Friday, according to the paper. Financial investors had already submitted non-binding offers, it said.

Thyssenkrupp did not immediately respond to an emailed request for comment. (Reporting by Kirsti Knolle, Editing by Rachel More)