German industrial group Thyssenkrupp have received state aid in the amount of about 1 billion euros, as an emergency support business is seriously affected by quarantine measures in Europe. About it reports newspaper Handelsblatt.
the State provides only 80 percent of the loan. The remaining 20 percent is provided by private banks. Advisers on the financing were Deutsche Bank, Goldman Sachs and JP Morgan.
the Term of the loan state development Bank KfW will expire at the end of September, the report said.
the Main source of coverage of the current loan is called a transaction for the sale of Elevator division Thyssenkrupp, which needs to be closed in June.
In corporate circles in Germany believe that financial difficulties, Thyssenkrupp is currently particularly high due to coronaviruses crisis. The group has provided most of its sales in the automotive industry, which is slightly less than 35 billion euros.
In particular, the steel business that in normal times earns more than 90 per cent of its revenues from customers of the automotive business, practically idle for several weeks because of the decline in demand resulting from the pandemic.
the same applies to the manufacturing unit of auto parts Thyssenkrupp, which was in the process of restructuring even before the crisis. The group announced the closure of the plant in Olpe, North Rhine-Westphalia, earlier this week. A total of nearly 500 jobs will be lost in business.
Thyssenkrupp has agreed to sell its unit lifts to a consortium of Advent, Cinven and the German Fund for RAG 17.2 billion euros in February of this year.
