German conglomerate Thyssenkrupp ended talks to sell its steel division to Britain’s Liberty Steel due to differences over value, the latest setback in efforts to consolidate the European sector
Liberty Steel, led by commodities tycoon Sanjeev Gupta, last month submitted a firmed-up non-binding bid for Thyssenkrupp’s steel unit, Europe’s second-biggest in terms of sales, which sources said included commitments to protect jobs and sites. “We regret this step because we perceived Liberty Steel as a serious partner in the process,” Thyssenkrupp Chief Financial Officer Klaus Keysberg said in a statement.
Thyssenkrupp’s move to terminate talks shifts the focus to the group’s two other scenarios for its steel division: keeping it or spinning it off to shareholders. Both would entail major additional cost and job cuts.
Source: Economic Times