German industrial group Thyssenkrupp is in advanced talks to sell up to 50% of its steel division to Czech billionaire Daniel Kretinsky, two people with knowledge of the matter told Reuters.
Thyssenkrupp resumed efforts to divest its steel division earlier this year, after the plan was abandoned following unsuccessful efforts to list, sell or find a merger partner for what is Europe’s second-largest steelmaker.
Reuters reported in June that Kretinsky was interested in a stake in Thyssenkrupp’s steel division.
Handelsblatt earlier on Thursday first reported the 50% figure, citing multiple unnamed sources. A deal could happen by the end of the year, the report said.
Spokespeople for Thyssenkrupp and Kretinsky declined to comment on Thursday.
Shares in Thysenkrupp were up 6.5% after the news.
Thyssenkrupp Steel Europe, with current pension liabilities of 2.7 billion euros ($2.85 billion), in July received approval from Brussels for 2 billion euros in state subsidies to decarbonise production at its headquarters in Duisburg, Germany.
Source: Reuters.com