BERLIN (Reuters) - Alfried Krupp von Bohlen und Halbach Stiftung - Thyssenkrupp’s biggest shareholder - said it had supported the company’s management in its joint venture plans with India’s Tata Steel and the planned split up.

Thyssenkrupp on Friday abandoned plans to hive off its steel business and split up the rest of the conglomerate after a lengthy battle with activist investors and regulators, opting to list its elevators division instead.

“The statements of the board show that the company is in a challenging situation,” the foundation, which has 21% stake in Thyssenkrupp, said in a statement on Friday.