Thyssenkrupp and Salzgitter are in intense negotiations to sell their shares in HKM
Negotiations between Salzgitter and thyssenkrupp on their participation in Duisburg mill Hüttenwerke Krupp — Mannesmann (HKM) are continuing amid tensions, thyssenkrupp chief executive Miguel Lopez told reporters on Tuesday during the concern's annual press conference.
The fundamental positions are still clear: thyssenkrupp Steel wants to withdraw from HKM, while Salzgitter could potentially become the sole owner. An important point of contention, apparently, is the lawsuit filed by Salzgitter against thyssenkrupp, which is currently in the arbitration court. The procedure was disclosed by a journalist and not refuted by Lopez, who, however, declined to comment or explain the essence of the case, which reportedly concerns a lawsuit worth about 1.6 billion euros ($1.9 billion).
"Legal procedures certainly won't help along this path," as thyssenkrupp is interested in moving negotiations towards a solution, he said during a conference call overseen by Callanish.
Thyssenkrupp Steel owns 50% of HKM shares, Salzgitter owns 30% and Vallourec owns 20%. The French group has been planning to withdraw for several years, but a solution between the three owners has not yet been found.
If thyssenkrupp transfers its share to Salzgitter, it will not terminate its obligations immediately, but will participate in restructuring measures. To this end, according to the executives, reserves of more than a low three-digit million have been accumulated.
Author: Christian Kehl, Germany
Kallanish.com