FRANKFURT (Reuters) – Thyssenkrupp’s (TKAG.DE) largest shareholder on Thursday dismissed speculation that it had backed calls for a special dividend.

The Alfried Krupp von Bohlen und Halbach foundation, Thyssenkrupp’s top investor with a 21% stake, had previously remained silent on the subject, even after activist fund Cevian last week denied such demands had been made.

“The foundation has never demanded a special dividend,” it said.

Some German media had speculated that Cevian called for a special dividend, to be paid out of potential proceeds from a planned sale or listing of Thyssenkrupp’s elevator division, adding the foundation had supported such calls.