The decision was made based on significant differences in views on the current and future value of the company due to the expected positive impact of the new economic policy measures of the German government and its expanded efficiency improvement program P28, launched with a goal of saving 500 million euros.
" Salzgitter AG will remain an independent company. As part of our expanded P28 productivity improvement program, we have taken additional measures to enhance our competitiveness," said Gunnar Grobler, CEO of Salzgitter AG.
In January of this year, the consortium increased its bid to acquire the company to 18.50 euros per share, valuing Salzgitter at about 1.1 billion euros, as previously reported by SteelOrbis.
