Czech billionaire Daniel Kretinsky will sell his 20 percent stake in Thyssenkrupp Steel Europe, a subsidiary of German steel producer Thyssenkrupp Steel, ending protracted negotiations on a joint venture and allowing Thyssenkrupp to step up negotiations with Indian company Jindal Steel International, according to a Reuters report.
In September of this year, Jindal Steel International submitted a non-binding offer to acquire Thyssenkrupp's steel business, as previously reported by SteelOrbis.
Kretinsky's move ends a chapter that began when his EP Group acquired a stake in 2023 with the aim of building a German-Czech steel and energy giant.
Although the sale price was never disclosed, industry insiders estimated the initial deal at around 140 million euros ($164 million). The sale of the stake to the Kretinskys will allow Thyssenkrupp to fully concentrate on negotiations with Jindal Steel, which recently submitted an indicative bid to acquire the entire steel division.
Steelorbis.com
